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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: H James Morris who wrote (115387)	1/16/2001 1:21:01 PM
From: GST	Read Replies (1) \| Respond to of 164684

I think Bill bought his dictionary from AMZN.com

To: H James Morris who wrote (115387)	1/16/2001 1:23:24 PM
From: Kevin Podsiadlik	Respond to of 164684

secular adj. dictionary.com 2. Not specifically relating to religion or to a religious body Well, that one sure doesn't apply! 5. Occurring or observed once in an age or a century. Aha, so what William is really saying is that it'll be a hundred years before we see YHOO generating 50% growth again. I guess I could buy that.

To: H James Morris who wrote (115387)	1/16/2001 1:48:26 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 164684

There are two terms used by strategists to describe trends. One is "cyclical" which is driven by the business cycle. We have been in a cyclical bear market. The second term is "secular" which is driven by organic growth (or, in the opposite sense, long term deterioration). the 1973-74 bear market was a secular bear market because there were other factors at work, most notibly the beginning of 8 years of high inflation. If you listened to the Yahoo conference call, one analyst used the terms in his questioning. Cyclical and secular are widely-used terms. Cisco, Intel, Microsoft, Home Depot, etc, have been secular growth stories, affected by cyclical factors certainly, but with the legs to keep growing cycle after cycle. duke.edu