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

AMZN 232.71

+0.1%

1:13 PM EST

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To: Lizzie Tudor who wrote (48786)	4/2/1999 6:18:00 PM
From: H James Morris	Read Replies (2) of 164684

>>One stock I hold has a tender offer outstanding from Paul Allen at 90$/share. The current mkt price for the stock is 130$.<< Michelle, your talking about GNet?Please let me ask you, have you ever heard of arbitrage? Right now in your deal there's $40 premium. Just like there is a huge premium on Internet puts or calls. Why? There's a mania out there, that even the experts can't put a $value on. On top of that maybe someone will come in and top that offer. Yhoo for an example is buying Bcst in chips. Allen is offering $cash. That's what they call " the premium arbitrage". This is the difference! Lets say you own a Casino and you are asked to sell. One buyer tells you they will pay you in their overvalued chips, and the low ball offer comes in $cash, USA printed $money that is. $cash always gets more attention, but that's your call. Ps, so far it appears that mania has won. So my don't you take the $130,140,150, 160 to infinity. Don't trust me on that. Edit. A friend asked me today, how much elephants will pay for these internet stocks. I replied "In a mania, who in the hell knows". I'll tell you who to ask? The poor two SOB's that bought @ the high and the last one out.

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