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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: Bill Harmond who wrote (12888)	7/21/2002 3:46:58 AM
From: Mark Fowler	Read Replies (1) \| Respond to of 57684

biz.yahoo.com william a crazy stock market!

To: Bill Harmond who wrote (12888)	7/23/2002 9:40:20 AM
From: techanalyst1	Read Replies (1) \| Respond to of 57684

Bill... I'm not saying that Yahoo and Ebay will go away or that they aren't fine companies. I'm not saying that Disney is wonderful either and on a valuation basis it's hard for me to figure out what it's worth because they use ebitida and accounting with movies is just "funny". Probably their worst move was to buy Cap Cities ABC. BUT.... Disney has value in it's real assets among them are: Movie Studios (several including off the top of my head Touchstone, Buena Vista, Disney) TV Stations (several including ESPN and ABC and it's affiliates) Real Estate from several theme parks Retail outlets Video Library that they successfully take videos off the market and rotate them back on as new kids come to be. Educational Software Two sports teams (go angels!) Brand name Those things all have real value. Yahoo has a name, has successfully put their competitors to shame, cash (disney has debt). They both would see lower earnings if options were expensed, but the loss in yahoo might surprise you. And they really made most of their earnings due to interest earned on that cash they have. I love yahoo but I do not think that in a few years they will continue to have a market cap a quarter of disney's if they both have the same assets. Disney has been pulled down with Vindevi and AOL. I think they are probably worth 20-22 per share. If Eisner leaves and they get someone else in they probably would go up. My call on disney vs yahoo/ebay wasn't really meant to talk about them, but just that I didn't think that the dow would keep falling and the naz would not follow. If one goes, the other probably can't stay up for long. Bifurcated markets don't last forever and at best money would move from one to the other. TA