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Technology Stocks : Internet Guru Discussion

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To: steve harmon - analyst who wrote (2131)	7/9/1999 9:44:00 AM
From: Enam Luf	Read Replies (2) of 4337

steve.... I am very troubled by some of your picks in the 7 essentials article today. EBAY - 17 billion market cap for acting as a MIDDLEMAN??? Sure sales growth looks great. But in truth, EBAY's sales consist of the commissions they make and NOT the entire transaction value. It is akin to saying that Etrade's actual sales consist of the total value of all the stock that traded hands during the period. STMP- Ok.... THIS is where I draw the line. Stamps.com: A company- just public, hardly ANY sales, an technology that has yet to be approved for commercial use... With serious potential fraud issues. A company that currently has a major patent lawsuit pending from Pitney Bowes ... All this and a billion dollar market cap... Now that is a good buy? C'mon .... you must be joking. I have issues with some of the others as well... but these are the most glaring. You seem to ignore the topic of financial analysis and valuation almost entirely ... and make quasi-rational arguements that sound catchy but don't hold up under real scrutiny. At least most "analysts" out there give some detailed rational for how exactly these lofty market caps will be fulfilled. What is sad is that if a large enough number of people see your article you might actually fan the flames of this overhyped market. -enam

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