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

To: the Druid who wrote (1770)	2/27/1998 11:36:00 AM
From: Walter High	Read Replies (1) \| Respond to of 164684

Colleagues: I have been trading for about five years now and began like most other people: I read a lot, tried a few things, and generally thought I was pretty smart and could develop my own theories that would work better than anything I had read. I figured that if I did enough due diligence, the old maxims that had been around for decades wouldn't apply to me. Therefore, I tended to ignore sayings like: "Don't fight the tape." A year ago, I shorted AOL when it was having a world of trouble. I followed the thread on SI religiously, and it read exactly like the current Amazon thread. I hung on, convinced that I was right and the market was wrong. Finally, in desperation, I bailed on Oct. 28th when the market gave me an opportunity to cut my losses. (I feel sorry for the others who held on, assuming that the big correction had finally come to AOL.) Today, of course AOL is nearly 100 points above where it was a year ago. Like Amazon, the valuations don't make sense. But all the logic in the world won't work against a market that is intent on seeing the world differently than I do. I learned the hard way and took a big loss. I hope those of you who are short Amazon don't go bankrupt trying to wait this out. It could easily go over 100 and stay there because enough people believe in the concept despite the fundamentals. So, I remind you: Don't fight the tape. Good luck to all, Walter High