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To: LLCF who wrote (3002)	5/25/1999 10:29:00 PM
From: M CAHILL	Respond to of 10280

Why did people buy KTEL twice at 35 dollars a share?

To: LLCF who wrote (3002)	5/25/1999 10:48:00 PM
From: jeffbas	Read Replies (1) \| Respond to of 10280

David, it WAS appropriate then as is now apparent. The two keys, in my opinion, are to have a clear idea of what value is for a security and then stay with it as it is getting overpriced (as you should usually expect to happen) ONLY SO LONG AS THE CHART IS OK. You could still have sold this near 120 after the up trend was clearly broken. When you sell you are leaving the table to the players who are "true believers" and are, in effect, underdiscounting for market and business risks. This is true for all stocks, but more important for companies with no current earnings and none expected near term, as in most Internet stocks.