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: steve lipson who wrote (5362)	10/30/1997 6:00:00 PM
From: IKM	of 13594

<<If it can deliver numbers next week or in the near future, then there is almost no cyclical economic or market force that would keep it from moving higher.>> Steve, that's dangerous thinking in my opinion. It's not wise to try to fight a sea change in the market with any stock. That's why I'm hedging with AOL. I was briefly in cash (got suckered back in on Tuesday when I could finally get some real-time quotes and get through to my broker), but I am using AOL to hedge my UMG, which had very good news on Monday. It's doing well on a relative basis, but it is still down. Listen, everyone, stock valuations are relative. Future dividends and earnings are discounted to the present. The discount rate is dependent upon return to stocks overall. Ergo, if the market goes up, there is upward pressure on all stocks. If the market goes down, there is downward pressure on all stocks. Don't think you can buck the market. BTW, it's that sort of thinking that prompted me to adopt a bearish stance on AOL. If you let your eyes see, you can usually spot a bubble.

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