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To: Zardoz who wrote (38371)	8/5/1999 5:54:00 PM
From: Alex	Read Replies (2) \| Respond to of 116791

<<What's most troubling to the Street's movers and shakers is how individual investors, most of whom have not lived through a sustained bear market, have been leveraging the gains they have made in tech stars such as America Online (NYSE:AOL - news) and Dell (Nasdaq:DELL - news) to pay for additional Internet stock buys. "The problem is leverage, and once you get the ball rolling in the opposite direction, it can get ugly," says John Fichthorn, a market maker with Quilcap. And it's not just the investors who are playing this leverage game. Companies such as Amazon.com (Nasdaq:AMZN - news) , Ameritrade (Nasdaq:AMTD - news) and CNet (Nasdaq:CNET - news) are leveraging themselves with convertible debt deals. "Investors see companies leveraging themselves to the gills, so why shouldn't they?" asks Bill Fleckenstein, a money manager with Fleckenstein Capital. >> fnews.yahoo.com