On January 26, 2005, James Stewart wrote about eBay in his Wall Street Journal col- umn “Common Sense.” Stewart indicated that he would consider purchasing eBay stock in the wake of its decline. While acknowledging that eBay could not grow at a strato- spheric rate forever, Stewart noted that eBay is in the process of transforming world commerce and has a natural monopoly. Were he to own just one Internet stock, Stewart said, eBay would be that stock. Discuss whether James Stewart’s assessment of eBay reflects any psychological phenomena.