Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Roger A. Babb who wrote (17965)	4/4/1999 10:02:00 AM
From: RockyBalboa	of 18691

Agreed! But we must see that it is -a technological revolution and -a tulip bulb in valuations of equity. As a rule of thumb, I think that any venture with a valuation of more than 12x annual revenue seems way overvalued (for revenue based earnings). Venture funds, like CMGI may be something different - but are, in principle based on the valuation of their holdings, like LCOS or GCTY which is again, depending on and relative to the content based sector. AMZN is still a good example. Regardless of the structure of the bond deal (actually it was "priced" at a conversion premium), they have been able to get off a 4.75% medium term bond, in a time when normal (non-internet) companies have to struggle to get anything under 7% or worse. C.

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