Wow, it appears the tulip mania may have reached its outer limit at last...

Bloomberg Down on Internet Stocks

SINGAPORE (AP) - Internet commerce companies and their wildly popular stocks will have a hard time surviving, media magnate Michael Bloomberg said today. ``Most of these companies will never have earnings. They just can't survive in the real world,'' Bloomberg told the American Chamber of Commerce in Singapore. ``A lot of these Internet stocks are not formed as companies, they're formed as stocks.'' Bloomberg, founder and chief executive officer of financial news provider Bloomberg L.P., likened Internet stock trading to the art market. The stocks' value was based largely on whim and publicity, rather than the concrete value or earning potential of their companies, he said

-- Sandmann (Sandmann@alasbab.com), June 23, 1999

Answers

More evidence that 'the truth is out there', if people are willing to listen --- not likely.

-- Jon Johnson (niarnia4@usa.net), June 23, 1999.

Since when does the stock market have anything to do with earnings? Most of those companies have not made a penny. Some are selling at over 150 per share. It's nuts. A house of cards ready to fall.

-- LIquidator (Ex-investor@IgotOUT.com), June 23, 1999.

There is even a website where you can link to a fledgling company that is giving away free stock (or $25) when they have their IPO. Amazing. Still, I wouldn't have minded having a few thousand shares of AOL, ebay or Yahoo. The couple who started ebay are worth (on paper)10 billion dollars.

-- Greg Lawrence (greg@speakeasy.org), June 23, 1999.