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

To: JBL who wrote (27458)	11/20/1998 8:45:00 PM
From: H James Morris	Read Replies (2) \| Respond to of 164684

Jbl, <AMAZON COM INC 195 - 290 WRA(AMZN) Bid: 179 5/8 BidSize: 0 Open: 175 Ask: 179 3/4 AskSize: 0 Close: 153 1/4 Last: 180 5/8 High: 181 3/4 Div.: 0.00 Change: +27 3/8 Low: 165 Yield: 0.00 A.High: 170 5/8 P/E: 0.00 Volume: 11167100 A.Low: 24 1/4 EPS: -1.76 Market :NASDAQ NM Tick: Up Short sale subject to UPC 11830. It appears that U Al's strong buy recommendation tonight, citing no concern about " irrational exuberance" on the 'Thing' behalf, just before the close, helped it close on a up tick. Thank heaven for the box.

To: JBL who wrote (27458)	11/20/1998 9:37:00 PM
From: JBL	Read Replies (2) \| Respond to of 164684

The problem with technology stocks is good news... A valuation scheme created by analysts based on "beating expectations" and "good news" is now leading to truly absurd valuations in the internet sector, where there cannot be any bad news for the foreseeable future. This perverse system could endure when Microsoft was alone in this "good news forever" category, but now that this field is being invaded by an ever growing number of pretendants, its shalowness is becoming more apparent with each day that goes by. Inflated valuations are being used to justify other inflated values ie : DLJ saying "EBAY should be close to AMZN in our opinion..."(which by the way sounds about right to me...) What I believe will soon happen, (IMO before the end of the year)is that the entire Internet stock pyramid will start to shake and then crumble, and will also cause the DELLs , Intels, Microsofts of this world etc... to get a very nasty haircut. A return to Value is in store for 1999.