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

AMZN 217.15

-2.5%

Nov 20 3:59 PM EST

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To: Eric Wells who wrote (100461)	4/13/2000 7:59:00 PM
From: Bill Harmond	Read Replies (3) of 164684

>>When I have any position in a stock, when that position declines in value, I interpret it as "losing money." And when I lose money, I evaluate whether I think my money will earn a greater return in the current position or perhaps in another position. And if I believe another position will offer a greater return, then I move my money to that other position. Realizing losses in my mind (even if they are only on paper) helps me, at least, retain a firm grasp on reality. I think of my stocks going down as beach balls being pushed underwater. As long as they remain whole (investment proposition is sound) it's only a matter of time before they pop back to the surface. If I sell out I lose that compression. I have Sal Hanash to thank for that analogy. He wrote a great piece about the concept when he was still in college. The only time I will sell out a position is a trade for tax-loss purposes.

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