Date: May 17, 2001

Topic: Panel Discussion - Stock Valuations of Technology Companies.

The May 17 meeting of the ITC consisted of a panelist presentation on the topic of Stock Valuations of Technology Companies. The recent events in the market in which the New York Stock Exchange and NASDAQ saw the valuations of even the premiere tech companies drop to precarious levels needs to be understood from several perspectives. There is the immediate context of what it means to the investor and the companies. There is the more global look about the impact from our local through national economy. Finally, there is the historical perspective - what this will mean six months from now, a year or further out as the impact from the drop in valuations works its way through the processes of our economy.

The three panelists for the presentation were:

• Marc LeFebvre, CFA, a Portfolio Manager for Dain Rauscher in Omaha, Nebraska where he manages high net worth client portfolios, foundations and institutional assets. He has been a CFA charterholder since 1994, and has previously been an instructor at CFA review courses in Dallas, London, Zurich and Johannesburg, where he specializes in Equity Valuation and Portfolio Management.
• Arthur Diamond, Ph.D., is the Graduate Progam Chair and Professor of Economics at UNO. He has published or taught classes in specializing in Price Theory, Managrial and Labor Economics, and the Economics of Science.
• Kevin Welch, FA, is a stockbroker at Morgan Stanley. He specializes investments in technology firms.