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

AMZN 243.02

-0.7%

Jan 28 3:59 PM EST

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To: Bill Harmond who wrote (86827)	12/9/1999 1:53:00 PM
From: Eric Wells	Read Replies (1) of 164685

Eric, The same can be said about your fears and presumption of risk. William - with the logic implied by your post, one could justify any price for YHOO. I'm in favor of relying on what once were widely accepted methods of fundamental analysis. If you gave YHOO a PE based on next year's after tax (and after non-recurring expense) earnings that is in-line with hi-tech (or even a bit higher), YHOO would still be much much lower than it is today. In the new era, there is no widely accepted method of valuation. And so we rely on each other's comments instead - and when one questions whether a stock is fairly valued, the answer generally comes back "Yes - in fact it should go higher - why? - because it has been going up lately." And this type of rationale sounds more and more like a pyramid scheme, where all the participants keep pouring in money - "why? - because your stake will keep going up - why will it keep going up? - because it has been going up." I prefer to not participate in such deception. -Eric

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