Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Roger Smith who wrote (10917)	7/3/1998 2:35:00 PM
From: George Acton	Read Replies (2) of 18691

The AMZN thing reminds me of a story from "Money Masters". A guy who had made a huge amount in the 60's and 70's decided to take a trip around the world. He closed most of his positions, leaving a large short on a recently issued gaming or casino stock, which was way overpriced on fundamentals. It was a leading firm in a whole new class of business for the stock market, as AMZN is. As he went from place to place, he was followed by anxious telegrams announcing that the stock was doubling and doubling again. He finally capitulated as the thing approached 200, as I remember. It's a famous story and has been retold several places. I'd suggest that if you can look up the historical picture and prices, that you might want to see what the spike for that thing looked like and how rapidly it plunged. Peaks in commodities like oil, gold and silver tend to be parabolic, with gap openings near the top. AMZN is a different kind of "investment", so the characteristics may be a little different. But so far, the chart looks amazingly orderly to my untrained eyes. --George Acton

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