_Net mania will burn down the Street_ (Christopher Byron)
"...Examples abound. Every day I talk to market veterans who tell me stor=
ies
of Wall Street figures who take secret positions in stocks via Canadian a=
nd
European brokerage accounts, then tout the shares to their acolytes on th=
e
Web. Some foreign exchanges seem to have sprung up expressly to court thi=
s
sort of activity. But no one in a position of authority is doing anything=
to
stop any of it....
"This is a disaster developing right before our eyes =97 for the markets,=
for
investors, for Wall Street as a whole... and unless it ends soon, it will
prove a disaster for the nation..."
http://www.msnbc.com/news/227367.asp
Also check out the chart in http://www.msnbc.com/news/227614.asp
-- eBay's market cap is bigger than RJR Nabisco???
And from the same article:
"These professionals aren=92t skeptical so much about the value of the
Internet or that some companies will make a fortune on it. Rather, they a=
re
skeptical that so many companies can hope to survive, let alone meet the
expectations built into their stock prices.
"'Survivability, not valuation, is the key issue,' Edward Kerschner,
investment strategist at PaineWebber, wrote in a May report. He drew
parallels between Internet stocks and personal-computer stocks, darlings =
of
the 1982-83 bull market. At the end of 1982, the most-prominent PC makers
were Apple, International Business Machines, Atari, Commodore, Tandy and
Texas Instruments. Only Apple 'was a good long-term vehicle' for playing =
the
PCs business, and most of today=92s leaders =97 Compaq Computer, Dell Com=
puter
or Gateway 2000 =97 weren=92t even public at the time."
- Joe