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August 23, 2004


Who isn't amazed at Google's performance over the past few days?

Not many of the naysayers are admitting that they were wrong, so let me take the opportunity to do so.

I was wrong.

But how many people believe that the stock is going up from here? Or very far up from here?

OK, I am not going to short it (unlimited downside...) but I wouldn't bet on it either. Many good returns to be found elsewhere.

I wise trader once told me "don't bet against the tape" -- You can try to be smart about these things, and betting that Google's IPO wouldn't go well might have been "smart" -- but the market has its own logic and that logic says the folks that bet on the IPO have made a bunch of money.

I'd be taking it off the table by now, if I were them...

August 23, 2004 in Tech Stocks | Permalink


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