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Technology Stocks : America On-Line: will it survive ...?
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To: Jorge who wrote (11694)11/1/1998 5:55:00 PM
From: Edwarda  Read Replies (1) of 13594
 
George, I am not playing with your head; if it seems that way, I am sorry. This is why money managers and analysts get paid so much money--and go down in flames when they screw up. (Wall Street types do get paid for other than recommendations, however. Use them only as a source of information, not for their recommendations!)

It is not enough to know that one is looking at a good company. One must know what other investors are willing to pay for it. This is what valuation is all about.

I quote a good friend and damned good investor: "Good companies are not always good stocks. If everybody is agreed on how good the prospects are, then who is left to buy?"

Or Warren Buffet on how one tends to pay up for a cheery consensus?

This perspective can help in trying to make money as well as spot a good outlook. Both are necessary.
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