Looking for value now has to be done outside of the large cap stocks in the US as valuations continue to push beyond a sustainable level. There is the odd small or medium size company that can offer some sight of a good price to growth valuations. While high tech, and internet stocks have been pushed too high other significant growth sectors exist.
Wireless telecommunications is one.
CellStar is one of the world's top wholesale distributors of cellular phones. The company also operates a small number of stand- alone retail stores that provide cellular phone sales and activation in the US, Latin America, and Asia. CellStar foreign sales have been rapidly increasing, especially in countries with limited hard-wire telephone infrastructures. In February 1998, the company completed its acquisition of TA Intercall AB, a Swedish wholesale distributor of wireless communications products. CellStar finished 1997 with its fifth consecutive year of record revenues since becoming a public company in 1993.