America On-Line: will it survive ...? Message Board

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Technology Stocks : America On-Line: will it survive ...?

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To: Robert Lawkins who wrote (9674)	4/29/1998 9:06:00 PM
From: Jason Cogan	Read Replies (1) of 13594

Robert and others: <<I love ML but this report was a real hype job.>> My brother works at Merrill Lynch, but this report still makes me sick. I read the report today after he faxed it over, and I think it's criminal the way analysts provide price targets without even a hint of fundamental analysis. The report practically says AOL is the internet. Nowhere does the report mention anything about silly things like competition, true negative earnings, questionable accounting, or the one-time charge game. I'm almost amazed that ML lets this go out with the Merrill name, but then I remember ML's true reason for living. WHO CARES ABOUT THE TRUTH?? WE'RE JUST HERE TO SELL SECURITIES. What really amazes me is that portfolio managers, who apparently know this rule as well as the next guy, still buy the securities after the upgrade. Don't they bother to read the report, or is the mere issuance good enough for them? The report basically extrapolates subscriber growth, slows expenses according to AOL's criminal accounting, and still prices at 75X projected earnings in 3 full years!! Maybe it's better to throw all rational thinking out and just behave like the next idiot. What would Warren Buffet say at a situation like this? Regards, Jason Cogan

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