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

AMZN 231.69

+1.7%

Dec 10 3:59 PM EST

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To: GST who wrote (144506)	8/1/2002 9:47:21 AM
From: Oeconomicus	Read Replies (2) of 164684

Exactly. We have not yet seen rebuilding of inventories because businesses are cautious and banks are probably tight in approving new loans (they'll claim "soft loan demand"). We don't know, of course, when either will change. It took a couple years for banks to loosen up in the early '90s, after the "official" end of the last recession. They were suffering then from bad indigestion from RE and, at the bigger ones, LBOs. Things will turn, eventually. Some sectors (comm equip, for example) will take much longer, but they will eventually turn, too. Unless you want to hide in low-yielding fixed income, or buy a new 5k sq ft house while they're hot, all you can do is look for real cash flow at low multiples and wait for the crowd to find you. Late-1970's style contrarian investing. Notice we've been hearing lots of new deals out of Jimmy Buffett's cousin lately. Bob

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