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To: Wizard who wrote (425)	7/31/1999 4:13:00 PM
From: Rajiv	Read Replies (1) \| Respond to of 3350

There is a major difference between stocks which IPO-ed in 1996/1997 (AMZN, YHOO, etc.) with those that IPO-ed in 1999. The stocks which are coming out now are all trading at levels which have already factored in success. Major ramp up of revenues, profits, etc. have already been priced in the stock. There can be lots of slip-ups. The stock market goes through periodic corrections when inflated stocks get cut in half. IMHO 90% of this year's IPOs will be trading a lower levels 3 years from now (more than half of them will trade at levels below the IPO offering price) Regards, Rajiv