Amazon.com, Inc. (AMZN) Message Board

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

AMZN 229.55

+0.2%

3:59 PM EST

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To: Rob S. who wrote (32342)	1/3/1999 6:57:00 PM
From: Gary Walker	Read Replies (2) of 164684

>that this pig isn't outrageously overpriced... The price is what people are willing to pay. Saying it's overpriced or underpriced implies that we know something the market doesn't. If the majority of investors are willing to pay 321 for the thing then that's the price. There are loads of good companies that sell for less than 1 times sales and are profitable. They appear underpriced but in reality the market sets the price. I sold MSFT 2 years ago thinking it was overpriced. Not a good decision. The market proved me wrong, it wasn't over priced at all! We have two questions to answer: 1. what's the underlying economic trend, and 2. what the underlying mood of the market? The underlying trend is up based on the Feds, saving the economy from a melt down, and apparent readiness to act. Economic momentum tends to move up in the absence of Fed or Treasury intervention. The internet bubble will not break until some series of events cools investor enthusiasm. Some kind of a severe market break caused by a Greenspan comment or a ripple of terror caused by one of the big names. That's what makes this environment so risky.

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