To: Kerry Phineas who wrote (40972 ) 12/26/1998 11:43:00 AM From: Jess Beltz Read Replies (1) | Respond to
Kerry, Thanks for the reply. I did not at all mean to sound high-handed or to pontificate about "people's inability to comprehend exponential growth," etc. I was simply saying that what I'm hearing about Internet companies is simply that they're way to high with no discussion about the why of the premise beyond some reasons that sound like, "they just must be." I want to know why. The market is i believe both inefficient and irrational at times, but i do not put too much faith in relying on irrationality. I guess, like most of us, i'm trying to probe the depths of what some people see in these firms. (I'm preparing a letter to Michael as well, and so some of the things i would say to you i will save for that reply, which will follow on the heels of this one.) FWIW, i own one small internet play (WAVO) but will touch no stock with .com in its name. I do think that AOL.com is having a huge run-up on the back of the movie "You've Got Mail" and wonder about some kind of short position in the coming weeks, but let me put the question to Michael.
