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

AMZN 231.69

+1.7%

Dec 10 3:59 PM EST

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To: H James Morris who wrote (62101)	6/16/1999 12:51:00 AM
From: Tom D	Read Replies (2) of 164684

I usually don't think of Kleiner Perkins as dumping stuff on the public. To the contrary, because of the synergies in their keiretsu, and because I am confident that they scrutinize the integrity of their management teams, I try to only invest in Kleiner Perkins companies. I think the street has repeatedly underestimated the power of the keiretsu. When I bought AMZN and ATHM and HLTH at IPO prices, I did not feel "dumped on". Trust me on that. Drugstore.com looks like they have formidable competition. But I will buy it at the IPO, because I figure that most likely, Kleiner Perkins has probably got deals in the works. It is sort of like Mary Meekers strong Buy on HLTH in March. I don't remember the exact words and I can't find the MSDW report. But the idea was: "We can't give you a good reason why this company is so richly valued, but we think it will probably go up a lot more, even though we can't give you a good reason why." (It is up about 300% since that brilliant analysis was published). As to the integrity of corporate managments, I lost everything (due to leveraging) I invested in ADVH (eight different law firms are battling over who gets to certify the class that sues their mgm't) and in DEPO (I think mgm't should not have withheld from investors the serious side effects of their flagship product). Both of these investments lost about 75% of their value for me. People complain about AMZN mgm't not being open with investors, and I will agree that they hold back a lot. But I don't think AMZN mgm't is a bunch of crooks. I have reached a point where I must conclude that I don't have any way of knowing if ANY corporate mgm't is honest or not. I decided to just trust Kleiner--actually a friend pointed out the thesis and I researched a lot of their past successes. Maybe I should start a mutualy fund of keiretsu companies. Investing in Kleiner's children has worked for me so far. You can trust me on that. Tom D

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