Someone else pokes fun at Mobius <ggg>.
TAUB TALK: Hey Mobius, Log Onto Reality
http://www.individualinvestor.com
Editor: Steve Taub (3/31/00)
I don't know about you. But when I read that Mark Mobius was predicting a crash in Internet stocks by as much as 50-90%, I quickly thought of my 12 year-old daughter.
As she would have said: ?Hello!! Many of them are already down 50-90%.?
You know what shocks me? That market commentators actually think that stocks are falling because of Mobius' comments. Obviously, the emerging markets maven has spent too much time living without electricity and running water during his many months on the road.
Otherwise, he would know that dozens?yes dozens?of Internet stocks have already imploded by the magnitude that he is predicting. In fact, back on February 15, I named a number of stocksthat were already down between 65% and 90% from their all-time highs. They included Beyond.com (NASDAQ: BYND - Quotes, News, Boards) and theglobe.com (NASDAQ: TGLO - Quotes, News, Boards), which are still down about 86% apiece.
Value America (NASDAQ: VUSA - Quotes, News, Boards) is now off more than 95%. And on Thursday, Thestreet.com (NASDAQ: TSCM - Quotes, News, Boards) dipped into single digits for the first time and is now off by 86%.
Want more? Red Hat (NASDAQ: RHAT - Quotes, News, Boards)?remember them??is quietly down more than 73% from its high while drkoop.com (NASDAQ: KOOP - Quotes, News, Boards) has plunged more than 87%.
Even the money-making ?Net blue chips are down a significant amount. eBay (NASDAQ: EBAY - Quotes, News, Boards) has fallen 22% from its high while Yahoo (NASDAQ: YHOO - Quotes, News, Boards) and America Online (NYSE: AOL - Quotes, News, Boards) are down about 33%.
I think Mobius ought to resume his Wall Street Journal subscription, or better yet, log onto the Internet from time to time.
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