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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 229.35

+1.4%

12:33 PM EST

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To: Glenn D. Rudolph who wrote (131534)	9/20/2001 11:51:40 AM
From: GST	Read Replies (1) of 164684

I believe strongly in stock ownership. I think long-term it is the best place to invest -- but I believe with equal conviction that it is foolish to buy at grossly distorted prices and so there are times to cut back on stock ownership. I have said that consistently over the past two-and-a-half years. I believe I said I am a "valuation bear" not a "perma bear". If stock prices come down another 20-30%, it will become much easier to make a case for increased ownership exposure. BTW, I also object at this moment in time to CEOs whose performance pay is based on stock price when they use investor's money in a losing battle to buy back stock in a hopeless effort to get an annual bonus even though the company is being punished in the market for miserable performance. As for the economy, nothing hurts economic growth more than overpriced assets -- including stocks. In the long run, it is great to own stocks -- I just think it is unwise to knowingly overpay unless the premium is modest and the risk is low. Periods in which people grossly overpay are rightly known as manias -- they are to be avoided. This is the genius of a Warren Buffet.

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