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

AMZN 233.22

+1.8%

Nov 28 9:30 AM EST

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To: H James Morris who wrote (115387)	1/16/2001 1:48:26 PM
From: Bill Harmond	Read Replies (1) of 164684

There are two terms used by strategists to describe trends. One is "cyclical" which is driven by the business cycle. We have been in a cyclical bear market. The second term is "secular" which is driven by organic growth (or, in the opposite sense, long term deterioration). the 1973-74 bear market was a secular bear market because there were other factors at work, most notibly the beginning of 8 years of high inflation. If you listened to the Yahoo conference call, one analyst used the terms in his questioning. Cyclical and secular are widely-used terms. Cisco, Intel, Microsoft, Home Depot, etc, have been secular growth stories, affected by cyclical factors certainly, but with the legs to keep growing cycle after cycle. duke.edu

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