Altaba Inc. (formerly Yahoo) Message Board

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Technology Stocks : Altaba Inc. (formerly Yahoo)

AABA 19.63

0.0%

Nov 6 4:00 PM EST

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To: IKM who wrote (3227)	11/25/1997 3:04:00 PM
From: William Minich	Read Replies (1) of 27307

Yes IKM, I get that bearish feeling too...however as we all know, reality seldom matters..what does matter is the "Perception of Reality". Although I think that international market concerns will certainly help dampen earnings, my real concern is investor sentiment and by far the unrealistic earnings growth expectations built into many existing stock prices. Today's typical investor seems to have this concept that they simply put money in the market and voilla ! 30 % returns ! Many would also assume they could do this blindfolded and simply throw darts at the board and still make money. I think what we are starting to see is the first step towards market change..the highly coined term "flight to quality" could be used here to describe the equities market too...notice the bearish performance of some of these small caps lately ? Although I don't think we are going to see an across the board bear market, I do believe that stocks will be judged more heavily on their fundamentals. This will perhaps cause a level market pattern as quality stocks continue to push higher (albeit at a slower rate) and non performers continue to move lower. That may be followed by a "flight to reality" as investors realize that it's not that simple anymore...this could produce some shifting out of the equity markets which in turn would decrease demand across the board and then push us down to some realistic valuations. Hopefully at that point the cycle will be complete and we can see the reemergence of a (slower growing) bull market. Anyway, that's my theory...but you know what they say about opinions too.......

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