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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 229.60

+1.5%

3:59 PM EST

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To: Glenn D. Rudolph who wrote (61430)	6/10/1999 12:34:00 AM
From: Tom D	Read Replies (3) of 164684

Differing views on Bezos... <<What risk? He has no risk.>> <<Bezos was in the right place at the right time to get rich. That is not talent. It is luck.>> I don't know if we can reconcile your views and my views on Bezos. I have read and tend to agree with chapter 8--Personal Rewards and Costs [for founders of new companies] of John Nesheim's book "High Tech Start Up". My thesis is that Bezos brought a huge amount of talent and intellect to AMZN (himself). He invested personal capital, enormous amounts of time and stress and paid an opportunity cost--he could have done something else with his life instead of the AMZN project. I think his AMZN stock is probably worth in the neighborhood of $10 Billion at present (I didn't actually calculate this). You criticize his selling $25 million worth of this stock. This sale does not seem excessive or improper to me. I think if I was CEO of a company I would probably sell 2 or 4% of my stock every year for the sake of portfolio balancing--regardless of the prospects for the company. I don't actually know Bezos or anything about his private life. I don't mean to beat you up on this. I think I must agree to disagree with you on this one. Incidentally, (now this will really make you mad) I still have about 65% of my original number of stake in AMZN--I sold some and they bought a lot of it back. I see AMZN as becoming a miniature internet keiretsu within Kleiners larger internet keiretsu. I hope it will double for me a couple more times in the next few years. Best Regards, Tom

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