Re: UKNM: AOL did well - what value internet stock?

[chris]

At 10:17 11/01/00 -0000, you wrote:


 >What can I add? Suffice it to say that, whereas most people have been

saying for a long time that Internet stock is overvalued, AOL has

demonstrated that in their case at least, valuations have been conservative

enough. Of course that does not mean that most internet stock is not

over-valued, but it should be borne in mind that real asset value can be

bought with funny munny. 


but the merger is 45%-55% in AOL's favour, even though AOL's market cap was

way more than Time Warner's - so the belief in their valuation wasn't total

- and 80% of earnings are coming from the Time Warner side, so although the

buy-out is phenomenal AOL aren't as monstrous as you make out.


 >So the moral of the story is - some internet stock may be _undervalued_,

 >however much it may appear to be overvalued.

 >

 >But in my view much internet stock _is_ overvalued, mostly because the

company >does not understand well enough how to build real value. 


Wha?  what the hell are you trying to say? 



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