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To: The Phoenix who wrote (1047)	10/10/1999 1:50:00 PM
From: Winston Lee	Respond to of 3350

Gary, you are right about overvaluation when compared against any traditional valuation metrix ... let the growth story materialize, it'll go significantly higher from here - institutional investors obviously think it's worth at least $190/share ... and they're willing to pay a high price to own the one of the best-positioned and potential "category-killer" company. Investors don't buy based on Graham & Dodd's theories, but because they think the stock price will rise. Ignoring the essential human interaction and psychology involved in trading is ignoring that the stock market is also based on those same factors. In other words, the market sets the rules based on human interactions, not some abstract theories. Most of my friends laughed at me when I bought a bunch of YHOO 3+ years ago. It was overvalued then, is overvalued now, will be overvalued many years from now. Regards,