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Technology Stocks : eBay - Superb Internet Business Model

EBAY 82.47

+0.4%

Dec 5 9:30 AM EST

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To: Impristine who wrote (1193)	12/21/1998 9:27:00 AM
From: Stewart Elliot	of 7772

You're probably right, but I figure that if I overestimate, it will help keep me patient for when I decide to short. The overall short position is only important if the buying pressure keeps up. I recall that NSCP once had a short position that was double the public float. It eventually came tumbling down too. In fact, the situation was very similar to EBAY (although even NSCP did not reach the insane levels of EBAY). As I recall, NSCP went public in late fall, going from 26 to 50+ on the first day, then on to 120 by January. By March, the stock had given up something like 1/2 of this amount (and eventually went as low as the teens or 20s). I shorted this stock too early, and learned a painful lesson about fighting against hype. But, by the time it hit 100+, it was clearly a good candidate to short, and those that did made a bunch of money despite the enormous short position. I'm fairly certain EBAY has either made it to this level or is very close.

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