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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: Jack T. Pearson who wrote (31108)12/24/1998 9:08:00 PM
From: llamaphlegm  Read Replies (1) of 164684
 
TSC

and to all a good nite

"Anybody who would argue the Internet stocks are not in the midst of a
speculative bubble is blind," Richard Bernstein, chief quantitative analyst
at Merrill Lynch, said in an interview earlier this week. "It's the biggest
speculative bubble of our lifetime. A moose bubble."

Bernstein is not convinced (as are others) the action in Net stocks
portends a disaster for the market as a whole. "You can make a doomsday
scenario out of anything, but there have been speculative bubbles of
smaller proportions that have not affected the broader market," he said.

Nonetheless, the quant maven said what is going on in Netland is
"mind-boggling" and believes (as do most) that it will end badly. "All that
has to happen is Wal-Mart [WMT:NYSE] decides to open a Web site and it's
all over for most retailers on the Web," he said. "Yes, there is the psyche
of the Net community but ultimately is comes down to who has the best
price. When it comes to commodity distribution, nobody does it better than
Wal-Mart and they can undercut everybody because of existing agreements.
With that lurking out there, it amazes me what's going on."

At least we're not alone.
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