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To: Secret_Agent_Man who wrote (252084)	7/24/2003 6:57:04 PM
From: B.REVERE	Respond to of 436258

What bubble, oh this one:) Courtesy of 7/21 Fleck: It's worth repeating here that this rally has largely been about speculation. One need look no further than the moves in some of these highfliers -- up 100% on the back of nothing. Joanie noted some figures this morning, via Bridgewater Associates: The collective market cap of eBay (EBAY:Nasdaq - news - commentary - research - analysis), Amazon (AMZN:Nasdaq - news - commentary - research - analysis), Yahoo! (YHOO:Nasdaq - news - commentary - research - analysis), and priceline.com (PCLN:Nasdaq - news - commentary - research - analysis) registers a modest $122 billion. With aggregate earnings of $25 million, that gets to a trailing P/E of a paltry 4, 878. Obviously, these stocks are about emotions, not earnings. I could give plenty more examples, but I think you get the point.