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Technology Stocks : eBay - Superb Internet Business Model
EBAY 93.40-0.5%12:46 PM EST
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To: George Gotch who wrote (1985)3/6/1999 9:16:00 AM
From: Sam Matz  Read Replies (1) of 7772
 
George, what you are saying makes sense (people will eventually get burned on them). You also seem to know your business (the Internet allows anyone, anywhere to sell product to anyone, anywhere that can receive packages; people in third world countries will be able to ship product directly to the end user without distribution beyond shippers). What does strike me as odd is that you seem to overlook the supply/demand theory. There is little supply of this stock and each share is very much in demand. This obviously causes the price to rocket skyward. Why were Tickle me Elmos selling for $1,000 when they were only worth at most $30? Why were people selling Beanie Babies for ten or a hundred times there worth? I guess the more important question is why people were buying these items at these prices? People paid these prices because they thought they could turn around and sell it for a higher price. I bought EBAY knowing that this stock is very much in demand. It has little relevance what it is worth now, only what it could be worth in the future. I like your reference (or maybe it was someone else who said it) to a pyramid scheme. I guess I am agreeing with much that you say except that people are setting their own worth on EBAY beyond what the company's earnings are and this in turn makes the value of each share worth more. I think I will join you now for a cup of coffee.

Sam
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