To: Joe Brown who wrote (5220 ) 1/29/1999 4:42:00 PM From: Steven Rachbach Read Replies (1) | Respond to
OFF TOPIC:
Jack,
You stated that, " To watch people who have no market experience or knowledge make piles of money blindly buying AOL, YHOO, AMZN, etc., and in so short a time, absolutely astounds me. It's as though knowledge is no longer the currency that purchases wisdom... "
You also said that you have researched and invested in the mobile satcom industry since 1995.
Coincidentally, I started in 1995 to research and invest in developing industries that I thought will lead us into the next millenium. I selected 3 areas that I still believe will be among the major growth stories of the next decade or two: satcom industry, internet companies and genomics. I'm not concerned that 2 of the 3 areas have not caught fire yet; they probably will. I'm pleased that investors have taken kindly to the idea that the internet is, in fact, changing everyone's daily life. Has it been overdone? Sure. Will many internet firms ever make money? Dunno. Will the bubble burst and my AOL and ATHM stock drop by 75% before going up again? Probably, but don't look for me to sell most of my shares for many years.
I actually thought that my satcom stocks would have done better to date -- but that's OK. Within a couple of years with Globalstar, C*, etc., I expect the satcom industry will be doing quite fine. If investors jump aboard and bid up the share price to these frothy internet levels, then so be it.
Research and knowledge are keys, market experience is somewhat more secondary. I hope that within a year or so, some person posts a message on this board lamenting that people "with no knowledge or market experience" are making "piles of money" in LOR when the stock is sitting at $60 per share.
Regards,
Steve Rachbach
