Bill Wexler's Profits of DOOM Message Board

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Strategies & Market Trends : Bill Wexler's Profits of DOOM

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To: Roger A. Babb who wrote (3659)	11/6/1998 2:57:00 AM
From: Bill Wexler	Read Replies (1) of 4634

This has been a favorite theory of the Yahoo bears since the company went public (I know, because I tried to short Yahoo a long time ago...before I turned bullish on the company). There is no doubt that a large slice of the "hits" come from sources other than a human click. But it really doesn't matter. What does matter is that advertisers feel they are getting great results. Yahoo has executed beautifully - have to give them that. I can't go long on the stock now, but I still would still strongly recommend avoiding it as a short. Yahoo's business model is now proven, and it could be a long, long time before investors settle on some way of valuing these companies. Also remember that the float remains tight. I think a lot of people assume this situation is analogous to something like the Polaroid stock bubble of the early 70s. I don't think so. I don't believe Yahoo is going to take the same trajectory; however, I also don't believe the stock can continue its torrid pace forever. It'll be interesting to see what happens, but I'll just be a spectator.

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