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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club

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To: Allan Harris who wrote (5603)	6/4/1999 4:37:00 PM
From: Hank Stamper	Read Replies (1) of 15132

Allan, "Doesn't matter....you got my point, that there are extraordinary changes taking place in the way the world does business and the net is at the forefront of it all. By the time the traditional valuation numbers start making sense, it may be too late to buy. " In the mid to late 20s, this is exactly what was written about the radio stock craze. It's in the newspaper archives. I just fret, that there is an isomorphism between then and now. Then, radio was poised to bring huge changes--and it did. Then, the stocks ran up to P/Es well beyond traditional valuation levels, for a while. Then, everbody was right--radio on the driving cusp of an explosive change! Except, those who chased high P/Es on the theory that traditional valuations did not matter, got creamed. I just fret that if I try to chase these P/Es, I'll get creamed. I just cannot figure out, why this internet craze is any different from the Tulipomania-like forces that correct excess. (I even have gobs of tulips planted in my garden.) Ciao, David Todtman

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