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

To: KeepItSimple who wrote (40247)	2/16/1999 7:46:00 AM
From: Glenn D. Rudolph	Read Replies (2) \| Respond to of 164684

My name in the press..... "The Meadville, Pa., resident believed that the stock of Amazon.com was overpriced. He bet that the price would drop by shorting -- selling shares of Amazon he didn't own in the hope of buying them back at a lower price later. But Amazon zoomed from the $15 per share, adjusted for splits, that he paid last March to more than $190. As the stock rose, Rudolph doubled his bet -- and eventually his losses. He borrowed $150,000 to short more shares. Gains in other parts of his portfolio narrowed his net loss to about $400,000. Interest costs were only a small portion of his total loss, but the borrowing was what allowed him to dig his hole so deep. "I believed and still do that Amazon.com's stock price is so far from reality that I was willing to stand behind my belief and in doing so lost a large sum of money," Rudolph said. "If I had not borrowed the money, I would have closed the position sooner. It allowed me to hang on longer. I'm not blaming anybody. It was my decision." He says he has sworn off shorting." phillynews.com