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To: re3 who wrote (72206)	10/27/1999 5:59:00 PM
From: pater tenebrarum	Read Replies (1) of 86076

Ike, as to YHOO's viability, yes, it seems to be the one that sticks out. it has acquired sort of 'blue chip' status. however, 1/3 of it's page views are financial news...only viable while the bull market lasts. once the bear starts in earnest, they will lose 'eyeballs' quickly.what's more, they're mostly dependent on ad revenues, and both click through rates and ad prices are plunging. no matter which way yoo look at it, the company is simply not worth 50 billion dollars...although it's p/e of 1,127 and p/s of 106 are downright modest compared to the rest of the internet stocks. note that YHOO's last two quarters which were hailed as 'blowouts' were actually a good example of late '90's accounting gimmickry...as usual, the 'non-recurring' charges kept on recurring and operational earnings were actually disappointing...just as the rest of the sector, YHOO lives mostly from 'investment and other income'. if i open a web site and WS gives me tons of cash i could do the same...that's not to say that YHOO is not a good service, or a good company. simply that it's way way overvalued and won't 'grow into it's valuation' as the WS stock pimps would have us believe.

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