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Technology Stocks : America On-Line: will it survive ...?
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To: J. P. who wrote (8759)3/11/1998 11:34:00 AM
From: steve lipson  Read Replies (1) of 13594
 
I got into AOL as a contrarian play when it was sinking in 1996. It sank another 40 percent after I got in, so you can see what kind of lousy market timer I am. (No options plays for this boy.) When I bought AOL it was because I thought the service was a little better than people were giving it credit for, and it was the only company exhibiting the vision that the mass market would embrace -- indeed, demand -- a cyberspace brand they could be comfortable with like Coke or McDonald's. That said, we may be pretty near the end of my ride, because the company is now starting to get treated as if it were better than even my most optimistic hopes for it. I took half my money off the table a few weeks ago (and $15 per share lower -- I'm still no market timer).

While I'm a big believer in the Internet as a transforming technology, the investor enthusiasm for the stocks and these nosebleed valuations are not my style. If some of those smart mutual fund managers I've hired want to play in the sector, I'll let them. This is not my kind of market for stock picking.

To quote myself on this thread from last summer:

>>I like @Home and C-Net as ideas. But the trip from good idea to mass market acceptance and profits is a long one. I'll be looking for opportunities to buy those stocks (as I did buying AOL a year ago) once they've done more of the heavy lifting that AOL has already accomplished and at some point when the market is fairly disenchanted with their prospects.<<

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