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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: The Vinman who wrote (8878)3/27/1998 4:56:00 PM
From: Ty  Read Replies (2) of 27307
 
Frank Z, do you still have your short position at 80?

Trying to short yhoo is just nasty. It just won't die. I'm trying to short a different internet stock with a huge Price/Sales ratio and it keeps going up. It sure doesn't help to have Yahoo pushing it up. The scary thing is I've been looking at the 1 year charts for a lot of internet stocks and most of them never had a major correction. At this point, I'm just hoping to get out with a small loss. I already have my GTC order setup.

I guess one lesson I've learned in trying to short internet stocks is not to hold onto a position too long. These stocks are like pyramid schemes. There are a group of people who just keep buying and selling at a higher price to each other. As time goes on, the distribution of the stock changes so that almost everyone has bought in at a higher price. There is no pressure to sell (ie, no threat of bad news) so most people won't sell at a loss and you never see those lower prices again.

I think the key to the fall of the internet stocks will be the earnings reports. One of these quarters, they will come out with an earnings report without a substantial growth in revenues. My guess is this won't happen for another year or two. Until then, I think it's unlikely we will see a major correction.
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