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Technology Stocks : Altaba Inc. (formerly Yahoo)
AABA 19.630.0%Nov 6 4:00 PM EST
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To: StaggerLee who wrote (4715)12/18/1997 7:42:00 PM
From: Bill Wexler  Read Replies (1) of 27307
 
I'm short - but I must disagree with this statement.

My reasonig for first shorting yahoo was that I believed the share price discounted beyond the best-case scenario for future earnings growth and market conditions. I still believe that. But I will never again open a new short position based on this reasoning alone.

It is too early to make blanket pronouncements like "Yahoo will never earn $.50 a share.". Yahoo may evolve into something not anticipated by longs or shorts and discover new profitable markets....or lose a ton of money. I'm beginning to think that the real reason behid the excitement in internet companies is not really the "land grab" scenario, but the perception that we are undergoing through profound economic changes, i.e. in the way goods are bought, sold and advertised. There is no doubt that these changes are having a dramatic impact now - and who knows where things may end up a decade or two hence. I wonder if perhaps were not really seeing the big picture because subjectively we are adapting to these technologies very quickly and easily.

You would have never imagined that a few nerds making a little BASIC interpreter on punched paper tape would a short 20 years later control a software empire that rivals General Electric and Coca-Cola in market capitalization.
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