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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 234.70

-1.2%

Nov 14 9:30 AM EST

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To: Glenn D. Rudolph who wrote (80703)	10/15/1999 12:25:00 AM
From: Bilow	Read Replies (1) of 164684

Hi Glenn D. Rudolph; I see the Greenspan comments as possibly directed to the banks that have gotten hurt on the gold carry trade. In other words, he is alluding to events of the recent past, not the immediate future. And, like you say, he has talked about equity valuations before. What he is implying is that the same thing that happened to the miners that hedged themselves in gold could happen to those who rely on hedges in the other financial markets. That is, the market can move too quickly to allow the hedges to be kept balanced. The miners that got in trouble have actually locked in profits going well into the future, they just have a momentary liquidity squeeze, plus the cost of borrowing gold has gone up. Same thing can happen in other markets. What amazes me is that he would state anything even mildly bearish on the day that the long bond drops to a 2 year low. I guess he had that speech written some time ago, maybe when the Nasdaq set new records. By the way, OROA has had some interesting action recently. I tried to get it at 7 1/16, but it ran away from me without looking back. Now it is returning. -- Carl

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