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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club

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To: Chuck Rubin who wrote (6731)	7/12/1999 12:50:00 PM
From: Carl R.	Read Replies (1) of 15132

Chuck, you posted that: the internet is not quantifiable yet you don't determine these stocks by valuation standards, but by who is going to be the biggest guy on the block in the future when e-commerce really kicks in valuation isn't driving these stocks now, it is market share and who is going to be dominant on the net. Interesting concept, and a totally foreign one to me. So essentially what you are saying is that you try to figure out who will be dominant on the web, and once you have decided, you buy them regardless of the price? And that since they aren't quantifiable yet, the price can be anything and still not be too high? And therefore that if you believe that YHOO will be a dominant player, you would buy them at $1,000 or even $10,000 per share? And that since they aren't quantifiable, you make no effort to estimate how big they will be in 5 or 10 years, nor any effort to project future earnings? And you don't try to envision a scenario where the company could become large enough or profitable enough to justify a decent return from today's price? You just close your eyes and push the buy button? Carl

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