from the street.com this gem from Fleckenstein, regarding today's move on iternet stocks.
<<Bill Fleckenstein, portfolio manager at Fleckenstein Capital and a noted short-seller, is unsurprisingly skeptical of Internet stocks, but he's not approaching them in the way you might think. "I wouldn't be short any Internet stock if you put a gun to my head," he said. "The thing you've got to know about staying alive on the short side is, you've got to have a catalyst that would make people sell them." Internet stocks lack that catalyst, Fleckenstein said, because they aren't trading on their fundamentals: "If you can sell at one stupid price, you can sell at any stupid price."
Fleckenstein said he's waiting for some sign of sanity in the trading of Net stocks, such as a stock declining despite good news that day for the company. "Any sane person is not speculating in these stocks," he said. "The only information you can draw from them is how they behave. If they forgot they were supposed to go up everyday and they went down, that would give you some information." >>
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