Amazon.com, Inc. (AMZN) Message Board

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

AMZN 220.66

+1.6%

Nov 21 9:30 AM EST

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To: Victor Lazlo who wrote (24028)	11/1/1998 12:49:00 AM
From: Bill Harmond	Read Replies (2) of 164684

It's worth what the market is willing to bear. Maybe you think it shouldn't be worth $30, but it clearly is worth 126. I'm not posting this to be a smartass. There are forces working here that are pretty damned profound, and valuation is just the current guestimate of it. I haven't said this before, but even though I've been long Yahoo for 18 months I bought puts in Amazon last winter. I thought I saw a head and shoulders, and my Montgomery broker thought my decision was wise. It wasn't wise. I lost $15,000 very quickly. All the rational thinkers have been shaking their heads over Amazon. When this many smart investors are this wrong about a stock this long, there's something important going on. Amazon has had plenty of time to crash. It's had severe corrections, but it's a beach-ball stock...stocks that come back first after corrections. Beach-ball stocks generally are moonshots. One of the best investment pieces Sal Habash ever wrote (and there have been several very good ones) was about beach-ball stocks. I wish I had a link.

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