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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 232.12+1.6%3:59 PM EST
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To: Jan Crawley who wrote (74846)8/20/1999 2:26:00 PM
From: Eric Wells  Read Replies (3) of 164684
 
>>Ask youself honestly.."the reasons you shorted
>>Amzn for a few times a few weeks ago"?

The honest answer is: I was gambling.

There's nothing that comes close to what one might characterize as "investing" in taking any position on internet stocks.

The problem is - and I truly believe this - is that when our markets are turned into casinos, it tends to undermine the strength of our economy. Because investors, driven by greed, prop up the prices of these stocks - to a point where the prices cannot be sustained - and then the whole bubble bursts - and people find themselves with much less wealth (some with none at all) and the economy takes a dive.

Perhaps, manias, such as the one that has engulfed internet stocks, are a requirement to further technological innovation. However, history has shown time and again that financial manias are fueled by over-optimism of new technologies and ultimately lead to financial disaster.

Bubbles burst unpredictably. And I know I don't need to tell you this - but I would advise you to hold your long position with extreme caution.

Apologies if my tone is a bit terse - I would actually like to see the speculation stop, and I'd like to see these stocks return to reasonable levels. Because then, we could perhaps, get back to investing. I've made very little money through speculating. But I've made a lot of money through investing.

Thanks,
-Eric
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