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

AMZN 235.07

+0.8%

1:50 PM EST

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To: craig crawford who wrote (130141)	8/15/2001 11:55:46 PM
From: Oeconomicus	Read Replies (2) of 164684

Depression, eh? OK. Whatever. By your PE criteria, you would have missed everything since 1983 as well as all the 1960s (but you would have been quite happy through the latter six years of the 1970s). Besides, one should not value emerging growth on PEs, except, perhaps, for stage 2 of a 2-stage growth model. BTW, the S&P peaked in Dec '72 at 120 (up 4% p.a. plus dividends peak-to-peak from '66 in spite of a liquidity crisis and wage-price controls) before losing half it's value by late '74. From the '74 low, it gained 13% or so p.a. over the next 6 1/2 years until the prime rate hit 21% at the end of '80 (not to mention $40 oil, $850 gold, the Hunt Brothers and the Iran Hostage Crisis). Inflation didn't hit double digits until the end of the period, so I think (real) money was made.

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