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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (43496)1/15/1999 2:22:00 PM
From: Schrecke  Read Replies (2) of 132070
 
MB,

At todays Bay Area Council Conference in San Jose, Abby Joseph Cohen was asked the following question by the MC.

"When do you think common sense will prevail in the valuation of Internet stocks? The underlying fundamentals of these companies can not justify these crazy multiples."

Abby answered first by giving historical examples from the past mentioning in detail the household appliances boom of the late fifties and then she said:

"We think that the valuations models that are based upon market share, that are bases upon projected revenues do make sense. And we think that, as is the case in most new, fast growing industries, a focus on current earning and cash flow usually doesn't give you the right answer."

You have often said you would not consider puts on Internut stocks until there there was an acceptance of the values by the main stream.

It would appear we are getting closer.

Heu
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