AGREED. Besides certain net story stocks and unrecognized special situations, perhaps the best way to play the net is backdoor investments. Like BKS of course, but also established software and tech companies which make up the backbone of the net, its delivery and content. It's a long list but they all have low or decent PE's, stocks like ATT of course, ORACLE, etc. I still like certain net stocks which are relatively cheap and might get bought out or truly recognized soon (like CDNW and other "bargains" coming into view) but others could be dangerous to hold. Of course the nets do deserve special values but I believe the market is becoming rational about them again, especially with this sobering ATT deal, which lets the market know who the real bosses are: not just AOL and YAHOO but ATT, MSFT and others rich and smart enough to manoevre themselves into strategic positions. Of course there's plenty of opportunity for all and more likely upward movement for many but evolution is taking its course. What rises fast can fall hard, or the other way around. One must recognize the values right before the general market does. That is the key. At this stage BKS is a value, not just because of the IPO, but because of its longterm strategic position, brand name, power base and potential to knock AMAZON off the top of the hill.
Still not even the winners will REALLY fly until the techs and growth stocks as a whole come back into favor. I thought it would be today. Well, maybe tomorrow. Can't see this sliding continuing for long for what I now consider the "value growth stocks". After all, they aren't just yesterday's winners, they are tomorrow's as well.
Hanging in there and feeling okay. A little patience now. |
