These stocks are mostly bought by retail investors. When these stocks approach high double digits, they become less attractive to retail investors.
The pending decision against Microsoft and the decline in the share price was absolutely the catalyst for the sell-off. To the extent these companies may do very well in the next year, I think there may be buying opportunities here.
The most impressive part for me was that during a seasonally slow period, AOL added 3/4 of a million subscribers, ... That's a remarkably strong number.
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Internet stocks are going to continue to enjoy a special position in the investment firmament because these companies are growing much faster than anything else.
It's a slow summer.
What we've seen over the last six months is a continuing trend toward higher-quality names across the Internet space. We think that's going to continue.
We've almost now hit a point of almost buying panic where investors are afraid not to be in the Internet sector, given how strong it's performed recently.
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