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

AMZN 244.41

+0.6%

Nov 7 9:30 AM EST

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To: Robert Rose who wrote (94909)	2/25/2000 8:26:00 PM
From: Tom D	Read Replies (4) of 164684

What does Biotech have to do with the New Economy? When some biotech company announces identification of a new gene, and its stock jumps 30% and other biotechs rally on the news, it discourages me from investing in this sector. In this situation, sales are 10 years away, and improbable. The power and penetration of managed care diminishes the likelihood of reimbursement by insurance companies. The only convincing argument in favor of biotech is that the many companies were valued a venture or mezzanine levels 15 months ago. They were undervalued. Now they are overvalued, and the momentum investors are taking them to extremes. The internet, especially B2B, is huge, imminent and inevitable. IMHO, biotech is just having another one of its manic cycles. Best Regards, Tom

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