21.   But analysts say the company must start delivering on its promises, before investors lose confidence.

22.   But by April, it was clear that Wall Street investors had lost their appetite for Internet retail stocks.

23.   But if the price goes up, the investor would lose money when buying the shares back.

24.   But in addition to the practical difficulties of finding stock to borrow, investors could lose vast sums if the stocks continue to defy gravity.

25.   But investors were losing before the fund was even listed.

26.   But in the bidding frenzy a week ago, some investors might have lost sight of that rule, according to people who took part in the auction.

27.   But on the other, the Japanese are fearful of any signs that their own investors are losing confidence in the yen and fleeing to the United States.

28.   But SEC commissioner Isaac Hunt Jr. said investors would lose some protections that only state laws offer.

29.   But mutual fund investors never lost the faith, and with the averages again setting records, the buying has increased.

30.   But now comes the time when analysts say the company must start delivering on its promises, before investors lose confidence.