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Technology Stocks : eBay - Superb Internet Business Model -- Ignore unavailable to you. Want to Upgrade?

To: Doug Fowler who wrote (860)	11/23/1998 5:42:00 AM
From: Robert Rose	Read Replies (1) \| Respond to of 7772

<I am sorry, but it is not a contradictory statement to believe that a company has a good future, but to believe that its stock market capitalization is insanely high. > Doug, yes ebay's stock price is insanely high, as are the stock prices of the other members of the current internet 'A' list: YHOO, AMZN, INKT and AOL (to a lesser extent). But as a mania is going on, valuation means nothing. Yes, it is probably just a speculative bubble that could burst soon, or maybe the future is so bright that by discounting the net present value of projected future cash flows, these stock prices do not seem as absurd as they would otherwise. I opted for the former hypothesis when getting out of INKT at 85, YHOO at 127, and AMZN at 169 (on Friday). I opted for the latter by selling just half my ebay at 144 and half my aol at 87 (I think it was) also on Friday. Time will tell....