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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Chuck Rubin who wrote (6716)7/12/1999 12:32:00 AM
From: Hank Stamper  Read Replies (1) of 15132
 
"The trouble is Bob, IMO, doesn't seem to understand that these internet stocks are not quantifiable like your IBM's Microsofts, GM's what have you..."

I would like to disagree. I think BB does understand. However, I am not BB, so I'll offer my take:

The IBMs etc. are quantifiable in terms of a) fundamentals, b) value, and c) momentum. The internet stocks are also quantifiable in these terms. Trouble is, they have never added up to anything on "a" and "b." And, now "c" stands for crumble as the failure to add up in "a" and "b" would have predicted. The market has never in history--never--allowed a group of stocks with no earnings to rise over time. The market, barring temporary manic-enchantments, has always corrected such hopeful monsters.

The lesson here is no different from any other mania-lesson: bubbles pop. But, then again, what do I know?

Ciao,
David Todtman
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