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[FYI] Gates warns of 'gold rush' for Internet stocks


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                           Gates warns of 'gold rush' for Internet
                           stocks By George Trefgarne in Davos 

                           JEFF BEZOS, founder of Internet bookstore
                           Amazon.com, yesterday joined Bill Gates,
                           the founder of Microsoft, in Davos in
                           warning off small investors from joining
                           the wave of speculation in high-tech

                           Mr Bezos has seen the value of Amazon.com
                           rise to over $20 billion, despite the fact
                           it only has sales of $250m and has never
                           made a profit.

                           He said: "It does not take much analysis to
                           see that pure-play Internet stocks,
                           including Amazon.com, are extremely
                           vulnerable. In my opinion these are not
                           appropriate investments for small

                           Mr Gates, who over the weekend sent
                           shockwaves through the World Economic Forum
                           in Switzerland by warning Internet shares
                           had created some "breathtaking" valuations,
                           yesterday played down fears about the
                           impact of the millennium bug, saying: "I
                           think it is going to be less than half as
                           bad as some people really fear."


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