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Politics : Idea Of The Day
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To: wmwmw who wrote (21613)11/23/1998 7:35:00 PM
From: THOMAS GOODRICH  Read Replies (1) of 50167
 
Wang,

What you describe is more an emotional phenomenon rather than a market trading on fundamentals. While I'm very bullish on technology and the Internet there just isn't any fundamental justification for the stratospheric multiples we're seeing on several issues with negligible earnings that have surpassed by a substantial margin the market cap of Wal Mart. Perhaps euphoria occurs when the moon and stars line up in certain way. Who Knows. Some of these high flyers for example, AMZN, YHOO, etc. will likely become incredible shorts when everyone runs for the exits at the same time. Stay tuned, some of these stocks will be amusing to watch.
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