WCOM Message Board - Msg: 13481074

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Technology Stocks : WCOM

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To: JDN who wrote (6492)	4/22/2000 3:44:00 PM
From: B.G. Galbraith	Read Replies (1) of 11568

For some time I have been concerned by how WCOM was going to make a "soft landing" from a P/E near 100 to a number that was going to inevitably approach the market average in the near future. Most companies that build their stock price on revenue growth/acquisitions/momentum inevitably crash (pricewise) when their growth tapers off. It seems that WCOM has accomplished this feat almost without my noticing it. If there was ever an undervalued company, this is it. I am more confident every day that WCOM investors will be amply rewarded in the next few years. Am equally confident that most internet stocks will crash in the next 18 months, causing a lot more bloodletting in the tech stock arena. There is scant value in that sector, which I have always believed , is insanely overpriced. The internet sector is the quintissential example of the "greater fool theory" of investing. A lot of money has been made in this area, but it has nothing to do the creation of real value. It is the inevitable transfer of money from the mass of small investors who will nearly all lose bigtime in the crash, to the institutional investors who get a days advance notice on all bad news. A classic case of the "Reverse Robin Hood Principle"

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