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Technology Stocks : America On-Line: will it survive ...?
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To: Scott Smith who wrote (5180)10/23/1997 2:29:00 PM
From: IKM   of 13594
 
This stock has not been riding increasing valuations - it's been riding momentum. And momentum in the stock market has a tendency to abruptly turn. Calling the turn is the hard part. It's not entirely rational. Most of the justification on this thread for the high price has been, IMO, after the fact. I see a lot of hubris. I like to wade into hubris and be contrary. Valuation of this stock is only going to be based on a long set of assumptions. Tweak one up or down, and you've got to reassess. Some of the assumptions I've seen here are ludicrous. AOL has a built-in base of support because of the subscribers who trade on-line through them. Many of them have ridden it up for a while and are flush with success. Hit a downdraft, and people will cut and run.

Just my opinion.
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