Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 267.87

-0.6%

Dec 5 9:30 AM EST

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To: Dr. Bob who wrote (18677)	4/9/1998 12:13:00 AM
From: akidron	Read Replies (2) of 70976

A very measured post and one that has a great deal of merit. U are right it is obnoxious and pretty stupid to go out and short co's just because they have high pe's... or even historically high price to revenues... the history of tech is that those co's afforded the highst pe's (like msft) have performed best while those afforded mediocre valuations have often died horrible deaths... However in the case of Yahoo I (think) i beg to differ... my view of Yahoo, AOl and the like is that they are not really tech companies at all but distributors of other people's content... and the real winners will, in the end, be the content providers who will cut better and better deals as competition between the distributors for distinctive content heats up... surely this is behind AOL's chanelization of its offerings, and all the Yahoo JV's... further I view these co's as exremely vunerable to revenue interruptions... for example AOL's efforts to increase the price of its service to pay for the additional content might well be skewered by Yahoo's effort to build a competitive service with MCI. these co's are also vunerable because the best content providers WSJ Time Warner Disney New York Times ETC are committed to retaining revenues including those from advertizing, in house, by building prime web destinations. I am not by the way saying that there won't be winner from this group but that the bigger winners will be the content providers who will take ever increasing proportions of revenues, which in turn make the valuations affored this group nonsensical given their strategic poisition... Please excuse the terrible grammer... I am very tired and I have a great deal to accomplish this night... and I don't have the strength to edit... oh and thank you for making me analyze my position... it is now more clear to me

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