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

AMZN 230.27

-0.6%

3:59 PM EST

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To: H James Morris who wrote (140716)	3/17/2002 10:45:11 PM
From: Joan Osland Graffius	Read Replies (1) of 164684

HJ, >>Do you think you know what a stock is worth? I don't. I do know this, I'll only find out what my stocks are worth until I decide or have to sell them. I evaluate a company prior to purchase of the stock. The evaluation process I use is techniques developed by Graham and refined by Buffett. Have some folks that I can talk to verify that my evaluation is not out to lunch. Also try to understand what is happening in the industry and the companies position in the market place. IMO, another important thing is to learn as much about the management of the company as one can. Want honest management with integrity. One needs to be told the truth which helps to understand if problems are temporary in nature and you can ride out the tough times with the management team. Have been known to call and talk to the CFO of a company that am considering for purchase to get answers to questions I may have after looking at the financials or information from the annual reports. IMO, when you are buying a stock you are buying a piece of a business and it should be no different than if your are buying a small company to run yourself and expect to make a living owning the company. My gosh take a look at some of these market cap's for example on Intel or Applied Materials. One would never consider buying a small business with the fundamentals of these companies. You would be shutting the doors the minute you signed the contract to purchase the business. Now selling a companies stock gets a little more complex. But when the fundamentals get out of whack from the value, will use mental stops and move them up as the market continues to give the company a higher price. Microsoft is a good example of this process. Had bought the stock in the 80's. IMO, the stock got over valued in 1997 as the growth had slowed. Kept mental stops as the market continued to pay more and more for the stock. Sold it just before the last double and missed the 50% hair cut. <g> Even trying to do everything one can to try and buy value mistakes are made. Have a problem child in my portfolio but one problem child with the rest of the stocks healthy am doing just fine. Joan

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