Henry Was Right

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For no particular reason, I remembered that back in December 1998, Henry Blodget offered up the insane (at that time) projection that Amazon’s price would go up to $400 per share (that was many splits ago, so don’t take that price into account with respect to current prices). He got torched for this nutty idea, and it wasn’t long thereafter that his career was in tatters (for basically speaking well of stocks publicly while denigrating them privately).

I just thought I’d show you the chart of Amazon’s entire history, including a red arrow marking the point where Henry said to buy the stock. It took a little while, but let’s face it, the man was being conservative.