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Technology Stocks : Netscape - the REAL blockbuster?
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To: gary neil baurer who wrote (78)7/10/1998 1:54:00 PM
From: Steve Andrew  Read Replies (3) of 137
 
Gary...

Your response is interesting. The sales to price valuation you quote is not one I would pay much attention to for 2 reasons; 1) The market doesn't place NSCP in the same biz as LYCO and YHOO and rightfully so as NSCP has been primarily a Intranet tools and Browser business.;2) Price to sales is not accurate as a measurement for these ludicrous valuations as sales are minor and the future appears to be everything to these stocks.
NSCP management is not that talented in my opinion (ex.Andreeson)and is top-heavy with exec's who are pre-occupied with fighting MSFT. Only recently (and post others fluid moves)have they discovered portal strategy. The site may one-day become valuable, but it has started late with no imbedded content to captivate any audience. You can promise anything, but have to deliver quickly and smartly inorder to create value and audience. NSCP has done nothing of the sorts.
Finally, not a single significant (and publically-traded) company has lost any advertising to the internet yet and appear unlikely to lose much, if any in the future. A major advertising figure on Madison Ave. (my old college buddy) has stated publically that the internet may become a great advertising medium in the post 2001 future, but at present, it is immature and inefficient. Few "eyeballs" click on the banner ads and fewer generate any ad-related revenue. On-line retailers are growing dramatically but mostly from their own sites. I shorted the extreme valuation NSCP attained last week and have already covered much of it. Good Luck.
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