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

AMZN 233.22

+1.8%

Nov 28 9:30 AM EST

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To: Jan Crawley who wrote (20934)	10/9/1998 12:04:00 PM
From: H James Morris	Read Replies (1) of 164684

Jan I have to go out shortly so I'll give you the brief reply. What the Elephants love with Amzn is they still control the float (tickets) and they know it. All of the tickets are in their inventory and we know the Elephants paid under $40 for the tickets. What the Elephants don't want is for anyone to print any more tickets until the concert is better understood. Like Morgan Stanley probably (OK William?) hedged Bezos stock the Elephants simply do the same with their's. The only thing that has changed is, the beauty of their strategy was Internet Mania. Now the market has changed Investors will demand profits quicker than in the past. Since Amzn doesn't appear to qualify in that category, the Elephants will un-hedge and dump some tickets. How many and how soon, I don't know. If this market gets a little more nervous its probably sooner than later. Does that help?

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