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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 222.55

-4.4%

Nov 18 3:59 PM EST

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To: Walter High who wrote (3205)	4/21/1998 9:17:00 AM
From: Winter	Read Replies (2) of 164684

Someone who believes a stock is way overvalued but buys it anyway and makes money may not be a fool, but he is very lucky. Throwing away logic and jumping in with the heard may work but its a scary ride. Eventually (long-term) stocks have to trade on fundamentals. This ignorant bliss mentality worries me, I hope amateur investors are not getting tangled up in this game, its fine for traders who can handle losses and get out quickly with profits but not for the average investor who will be complaining that he couldn't get through to his discount broker to sell his inet stocks the day the mkt collapses and hasn't hedged with puts. >>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.<< The trick is take a short position that is not so over-extended that you can ride out being wrong for quite a while (and not be wiped out). It may be painful to short Ktel at 40 and then watch it soar to 80, but eventually I have to believe you will be right.

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