Still, it's selling at only 53 times next year's earnings. While the stock isn't exactly cheap, its P-E is lower than Microsoft's. Ward says the company has benefited from getting out of low-margin, commodity businesses such as DRAM chips and defense. Texas Instruments is a leading player in the digital communications space, he says. If interest rates remain stable, growth socks with good earnings will do just fine, he says.
Past performance is no guarantee of future results.
The returns shown above are historical and reflect changes in share price, reinvested dividends and capital gains, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. The views expressed in this article reflect those of the portfolio manager only through August 29, 1999. The manager's views are subject to change at any time based on market and other conditions.