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To: Glenn D. Rudolph who wrote (50570)	4/15/1999 12:54:00 PM
From: Greater Fool	Read Replies (1) \| Respond to of 164684

I worried about the use of the word "fundamental" when I posted that. I meant basic, structural factors driving investment, such as people believing that the internet will drive the creation of a New Economy. I recently figured out that share prices are almost always disconnected (to varying degrees) from a firm foundation. By and large, people don't care about the market caps of internet companies because they believe that anything is possible. The ones that care about market caps go short and get burned, and in so doing contribute to the share price rises. What I now worry about are the New Fundamentals, such as IPOs, insider share release, and public sentiment regarding the internet. As an aside, I find greatly amusing the analyst comments regarding the internet stocks. One that you posted insisted that Yahoo was going to have cash flow 80-90% of $1B in revenue in 2000. I don't think there's been a company in the history of capitalism that's sustained cash flows 80-90% of revenue. That would call for Yahoo to grow to $1B in sales but decreasing expenses from their current levels. This when their margins are narrowing!