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

AMZN 232.50

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Dec 26 3:59 PM EST

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To: larry oertel who wrote (45117)	3/11/1999 11:01:00 AM
From: John Donahoe	Read Replies (1) of 164684

RE: "People who habitually purchase common stocks at more than about 20 times their average earnings are likely to lose considerable money in the long run" With all due respect to Graham, his value model of investing is on life support. Buffet, a Graham protege, has partially backed away from Graham. He referred to it as "cigar butt investing". You find a cigar butt, and pick it up for one last drag. Buffet looks more toward superior management in franchise type business with value being but one component in his investment decision. Ala "Common Stocks and Uncommon Profits" by Philip A. Fisher.

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