America On-Line: will it survive ...? Message Board

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Technology Stocks : America On-Line: will it survive ...?

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To: jack rand who wrote (4952)	10/8/1997 1:03:00 PM
From: Tim Kenney	of 13594

Jack, RE: Latest deal. Thanks again for getting to the bottom of it so quickly. You are very valuable asset on this thread. This deal is not only symptomatic of AOL, but of a lot of the excess of the high tech market in general. Irrational exuberance over AOL allows crappy, questionable companies who announce deals with them to gain favor and go public, and thus pay off AOL, seemingly justifying the enthusiasm. Similarly, company A buys company B with its inflated stock as currency, seemingly justifying the inflated acquisition price. Every company is a winner as long as it is seen doing its share of wheeling and dealing. I'll call it the American keiretsu, since it demonstrates the interdependence of American companies whose outrageous stock valuations can only be justified by other companies outrageous valuations. For example, an analyst recently upgraded Barnes and Noble, not because it had gotten any better, but because he priced it off of Amazon. Kind of the way corporate execs set their pay, too, but that is another story. New economy? More like new insanity.

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