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

To: GST who wrote (52083)	4/21/1999 3:33:00 PM
From: Bill Harmond	Respond to of 164684

>>Does DLCK do much more than KIS suggests? I don't know Way more.

To: GST who wrote (52083)	4/21/1999 4:36:00 PM
From: Greater Fool	Read Replies (2) \| Respond to of 164684

>> If KIS is the only one left who takes the time to point out that AMZN could be 90% hot air already, I think he is doing something nobody wants to do here. It pains me to see obviously intelligent folks (whom I have all the respect for) like you expending energy debating the valuation of net stocks. Most people agree that the valuations are well detached from firm fundamentals. But the valuations of most stocks exceed the firm fundamentals by a significant margin -- isn't it true that for Dow 10K to be justified, the economy has to function just about perfectly for the forseeable future? So why isn't KIS arguing that IBM is overvalued? There was a recent observation that the big cap stocks had zoomed because money was flowing into the mutual funds faster than the fund managers could find investment opportunities, so they just park the funds in the Dow stocks. This is happening not because the Dow stocks are undervalued, it's happening because people are investing without looking at the valuations. This and the net stock surges are the same kind of phenomenon. The market will continue to rise until: - prices are diluted via insider stock sales or IPOs, or - people in aggregate pull money out of the equity markets. Barring panic, the second won't happen until the population begins to pull money out for retirement. This will happen, but not for quite a while. For the time being, the stream of IPOs doesn't seem to be coming fast enough to make a material difference. In fact, they serve to drum up excitement. The rise will be concentrated in sectors that are forward-looking, as people invest in the future. The Internet is the ideal focal point for all this. OK, I already promised Glenn I'd get off my soapbox. I lied, but maybe this time it'll stick.