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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 219.64-1.3%9:58 AM EST
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To: Skeeter Bug who wrote (3202)4/21/1998 8:46:00 AM
From: Walter High  Read Replies (3) of 164684
 
Skeeter Bug:

I beg to differ on your definition of a fool. There are only two reasons for owning stock in a company: (1) you own enough of it that you have a controlling interest in the company and it is basically what you do for a living; (2) you expect to make money as a minority owner for the period of time you own the stock. I doubt any of us fall into category (1) with Amazon, so we all can only be part of category (2).

If you are in category (2), the only evaluation of your judgment is whether or not you make any money. I find it difficult to judge anyone a "fool" who walks away with a bundle. I would not necessarily call a person a fool who uses logic and analysis but is proven wrong; that happens all the time. But it does seem to border on foolishness to refuse to cut your loses on principle and throw good money after bad.

Amazon is ridiculously valued in this market and the mania we have seen over stocks like KTEL this week is incredible. None of us have an inkling when such a mania will end, however, and I do think it is foolish to bet money on its imminent demise when only a short period of continuation can wipe out every dollar ones owns. Better to fall back on fundamental analysis and go long on stocks that are inherently strong and will grow in almost any market.

My $0.02 worth.

Walter High
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