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Technology Stocks : America On-Line (AOL) -- Ignore unavailable to you. Want to Upgrade?

To: Dave A. who wrote (27375)	7/29/1999 7:11:00 PM
From: Jeff Dryer	Respond to of 41369

Thanks for the illustration. Great example. Most everyone focuses on what is instead of what will be. Some people focus on what will be based on what is and that usually doesn't work very well either. Media reporters get all excited at market tops because everyone is excited... it's that simple. The cover stories come out with Yahoo's CEO, Tim Koogle, on the cover of June Fortune like he's an abracadabra magic man, and BIG headlines like "Everyone is getting rich off of Tech Stocks" on the June/July cover of Money Magazine and on an on an on. The Media hands out the awards after most or all of the potential has been realized. Wall Street keeps upgrading as the market goes higher. The market goes down when there is nobody left to upgrade. People like Mary Meeker upgrade for all kinds of reasons unrelated to the interests of individual investors... probably more to do with wanting to keep a certain sector afloat for a short period of time so that they can get their IPOs done. Someone like Mary Meeker might save a STRONG BUY recommendation as a card to play when it looks like AOL needs propping up and they need AOL to remain strong for awhile longer.