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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 229.12-0.2%Nov 26 3:59 PM EST
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To: JOHN W. who wrote (46707)3/22/1999 1:19:00 AM
From: JOHN W.  Read Replies (4) of 164684
 
There's nothing all that new about an overheated stock market, or an investor feeding frenzy over a hot industry group. Nonetheless, this year's Internet stock fad seems to rank among the most extreme. The current Net mania has been compared to the software stock craze of the 1980s, the gambling stock surge of the same period or even the bowling stock fad of the 1960s. (It's also been likened to the mother of all speculative manias, the infamous tulip bulb craze in 17th-century Holland.) An even better comparison might be 19th-century railroad stocks. Those stocks were purchased by unwary investors preyed upon by robber barons, who saw public markets as an enormous cookie jar.

What makes the current situation unique is the meshing of two related trends: wild enthusiasm for companies with any connection to the Internet, and an unprecedented explosion of opportunity for individual investors. Using electronic brokerages such as E-Trade, Datek, Ameritrade or Charles Schwab, individual investors can now set up what amounts to their own virtual trading desk, buying and selling stock with greater ease and at lower costs than ever before. At the dangerous locus of Internet stock mania and electronic trading, the mechanisms of the stock market have been strained to the breaking point.
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