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To: Rajiv who wrote (426)	7/31/1999 4:26:00 PM
From: Wizard	Respond to of 3350

>>. The stocks which are coming out now are all trading at levels which have already factored in success. I would say the same was true if you look at the IPO's 3 years ago with the IPO's 6 years ago. For an extreme case, CSCO ipo'd at a market cap of $200mm or so. Qwest and Global Crossing ipo'd at big valuations and have gone up a ton. I understand the thinking there but I also think the opportunities are growing as tech as % of all industries total market cap is going up. AMZN had what was considered a big market cap at the time as did EBAY, they then went up 10-20 fold. >>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 I agree with you there.