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Technology Stocks : America On-Line (AOL)
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To: RetiredNow who wrote (3532)1/27/1999 2:45:00 PM
From: Steve Robinett  Read Replies (2) of 41369
 
Meld,
You say, You can't deny that all of these valuations fly in the face of all conventional valuation methods

I not only wouldn't deny it, I'd second it. That's indeed the problem, tulip crazes being what they are or castles in the sky or whatever you want to call it. Of the Internets, AOL is about the only one that conventional valuation methods halfway work on (because they've actually got earnings and finally cash flow) but even here it's extremely unreliable. The rest are like other crazes that happen from time to time in markets, biotech stocks, '80's real estate, tulips. The one thing conventional valuation does give you is an understanding that the mania will someday end, that the light at the end of the tunnel may turn out to be a train.
Best,
--Steve

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