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

To: Abe the babe who wrote (1589)	2/5/1999 3:40:00 PM
From: Howard Hoffman	Respond to of 7772

Dear Abe, If I had a $Billion, I could make EBAY #2 very easily (Brand Name and All). So could a lot of people. Ultimately, there will be lots of competition in the I-auction business. And, even if EBAY stays at #1 forever, it is not worth $11 Billion today or tomorrow. The market cap drops a few hundred million every hour or so. I am not saying that EBAY or YHOO or any of these are going to disappear. What I am saying, is that the mania that has driven these stocks to ridiculous levels will end. If not this month, then it will be some other time, and probably before the end of 1999. Of course traditional valuation metrics are not at play here. Mania is at play. Most manias end very badly. I wouldn't even think of buying this piece of garbage (the stock is the garbage, not the co.) until it goes back down to double digits (pre-split prices). Anyone thinking they are getting a buying opportunity now will probably be having buyer's remorse for quite some time. I love my new 3Com Palm III, but I am glad I did not buy COMS a week ago.