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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 665.67-0.9%Nov 17 4:00 PM EST
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To: Jerry Olson who wrote (12631)5/3/1999 12:52:00 AM
From: J. P.  Read Replies (1) of 99985
 
The internet stocks do represent a creation of wealth that didn't exist a few years ago. But I think it will be found these businesses operate under the same valuation metrics as all other non-net concerns. The medium is different, but an accounting ledger is an accounting ledger. We see this happening in Amazon.com already, where they're hitting a wall, and guiding growth expectations downward.

And how, for example, is Priceline.com worth more than American Airlines, Delta Airlines, and Hilton Hotels put together? It's a great trading tulip if you're lucky enough to be in it, but how could anyone have guessed the market cap would go this high? Could just as easily swing the other way....
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