Bill Wexler's Profits of DOOM Message Board

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Strategies & Market Trends : Bill Wexler's Profits of DOOM

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To: F. Lynn who wrote (415)	3/14/1998 2:07:00 AM
From: Bill Wexler	Read Replies (2) of 4634

ATHM is very different - it is certainly not a fraud. However, the way this company was capitalized, the way it has structured its relationships with cable companies, and the fact that there seems to be an unusual amount of (unverifiable) hype raises all sorts of red flags. What it comes down to is that the market cap is unsustainable over a long period of time. ATHM is already very far behind plan in number of subscribers, and the infrastructure will take quite a while to put in place. This company is being looked at like a NXTL (where you're paying per POP, and hoping for earnings streams years down the road) - but this is absurd. Unfortunately, I started shorting right before the momentum gamblers started to pile in. I am very confident that the stock will eventually trade significantly lower, but I am now forced to hedge by selling puts. My low end target may also be unrealistic. I'll re-evaluate it after I watch it for another quarter or two.

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