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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: MythMan who wrote (766)2/3/1998 6:02:00 PM
From: Defrocked  Read Replies (2) of 86076
 
Don't forget AOL...I played with AOL's common
size balance sheet and income(that's a laugh)
statement. Bet you couldn't tell the difference
between AOL and many pre-July Indonesian stocks.
Horrible current ratio, lousy acid test,price-to-
book of 43, no earnings for five years and, to top
it off, all the s.t.debt in dollars<g>

You're right, seems earnings don't matter. Apparently
only two things occupy the market: what's happening in overseas
markets and net mutual fund flows. Classic bubble behavior:
measuring return potential through the action of others rather
than the risk/reward of the underlying cashflows.

Business radio this morning had a wag rustling paper,
saying he was looking up how much money he made in the
stock market after a 200 pt. rally.

He forgot that he hasn't made a penny until he sells.

Of course, the market only goes up so why sell now?<g>

And everyone's in "the market". Learned over the weekend that
an acquaintance of mine recently bought into a private
placement as a "sophisticated investor."
Company has limited track record, scant revenue, no positive
earnings. When I asked him what book value was he said he
didn't know but what mattered was that similar companies
IPO'd for 30 times revenue so he was going to make a killing!
Just look at AOL!

Whew! Had to get that off my chest. Looks like I win the longest
post on th NTOPM-BKAM thread without a link<g>
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