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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: James Clarke who wrote (6925)	4/23/1999 8:50:00 PM
From: geoffrey Wren	Read Replies (2) \| Respond to of 78476

AMZN has market cap of $34b. My rhetorical question: Could you not put together an equally good website with good software and then inundate the web with advertisements to let people all know you are there for less than $2b? I think so. Means AMZN is overvalued by roughly $32b. If you think about the internet, it will bypass a lot of the cost of "the middleman." It will add value to those who add value in some unique, hard to duplicate way. When you get past the blur of this internut craze, you will see that AMZN is just a middleman. Sooner or later it will fall in price, though it might take awhile to do so, and get even more ridiculously priced before then. Border's is somewhat of a middleman too, but they provide a nice selling experience, and other than underwear and rice, most shopping has a heavy psychological/spiritual (lol) overlay. Those who have the motto: "When the going gets tough, the tough go shopping" are not talking about cyberspace stores. Now Yahoo is not a middleman. It can become the monster search engine, and its databases would be hard to duplicate. It is definitely a growth stock, but probably still overvalued. Just my idle thoughts on this subject. Geoff Wren

To: James Clarke who wrote (6925)	4/24/1999 1:13:00 AM
From: Michael Burry	Read Replies (1) \| Respond to of 78476

A couple days ago I thought about buying more LKI, but instead bought American Power, Fair Isaac, more Apple, more Robert Half, more Philip Morris, more USEC, and more REITs... IMO there are a lot of very high quality stocks that have fallen well below intrinsic value thanks to the global internet. I recently got out of a lot of my cyclicals and mediocre cos that had a run, and got into some really good businesses with really good earnings and really good prospects at really good value levels. And I'm really comfortable. Some of the cyclicals and deep values are already falling back. I'd be happy to scoop up the commodities again 50% south of here. JRC I'll have to look deeper. The discussion last time it was brought up scared me away superficially. Mike