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Large-Caps at Not-so-Big Prices


Q: What about tech?

A: The tech sector has actually experienced the greatest amount of p-e multiple compression of any of the major sectors that we follow. As a result, tech valuations are beginning to come back into line with reality, in our view. We like Dell Computer (DELL ), IBM, First Data, Microsoft (MSFT ), and we're still buying some Nokia (NOK ). Tech sector p-e multiples have now come down to where they're trading, on average, at only a slight premium to market. We feel this is fairly appropriate.


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