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Technology Stocks : Altaba Inc. (formerly Yahoo) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Harmond who wrote (2836)	11/16/1997 4:10:00 AM
From: Bill Wexler	Read Replies (1) \| Respond to of 27307

Wrong on all counts. <<Nothing new about Yahoo? It was the first Internet content aggregator. That makes your assertion wrong by definition.>> I would argue that AOL was the first "content aggregator". Long before Yahoo. Perhaps even Compuserve before AOL. <<I guess you're right. Just like America Online (anyone can start an online service)>> Harder to do, as it would take much more capital. But yes, anyone can. By the way, it took many more years fior AOL to achieve the same market cap as Yahoo. AOL not only is in the same business as Yahoo (and making a lot more money at it), but also has a large revenue stream from paying subscribers. Is Yahoo worth 30% of an AOL? Not on your life. <<Microsoft>> I wouldn't classify Microsoft (or any of your other choices) as a "momentum" stock....but a steady grower. Let's also not forget that Microsoft was nearly a ten year old company before going public. When it did go public it was already generating significant revenues and was very profitable...yet I don't recall anyone willing to pay $150 billion for Microsoft in 1987. Yahoo is a momentum stock because momentum investors are buying simply because it is going up (i.e. other momentum investors are buying). It's been my experience that this usually leads to disaster 100% of the time. One final point. Every company you mentioned has developed a unique franchise or monopoly. Yahoo is a web site that sells banner ads. By the way, you still have not addressed the central issue...outrageous market cap relative to extremely poor fundamentals. Yahoo is still a MONEY LOSER and an UNPROVEN BUSINESS. (Oops - I nearly forgot, they are making fine use of the IPO capital by putting it into a savings account and earning interest on it). Only a matter of time.

To: Bill Harmond who wrote (2836)	11/16/1997 12:11:00 PM
From: Eric Klein	Respond to of 27307

For every big success that you mention: AOL , MSFT, Compaq, Coca Cola, (let's not forget Intel), there were a hundred stocks that were faster out of the blocks but which failed miserably. Sure, YHOO could turn out be the next MSFT, but what are the odds, 10 to 1, 20 to 1, 100 to 1? The price of the stock says it's a sure thing. Excuse me, but it's not a sure thing. By the way, you include AOL in your list of big successes. AOL has never made much (if any) money. They are nearly as overvalued as YHOO. Again, AOL may (someday) make a lot of money, they haven't up to now.