William, are you still drinking alone? I think you should drink with DLJ's Jamie. This is just from 5 days ago.
>>AMAZON.COM (AMZN: $114.56 )*+ 07/26/1999
Amazon Analyst Meeting: Slave Workers From Beyond Infinity
Earnings Per Share Old New P/E Ratios
(FY:Dec.) 2000E $(1.00) $ NM
1999E (1.90) NM
1998A (0.50)
Rating: TOP PICK Change: None 12-Mo. Target: $280
Amazon.com analyst meeting drives home our total consumer value thesis: no online retailer has figured out what consumers want better than Amazon. While incremental data points were scarce, management is running the business against all the right metrics: lifetime value of a customer (which includes effective customer acquisition and increasing share-of-wallet), brand awareness, fulfillment and customer service efficiency, and return on invested capital. Most importantly, the Amazon management team is one of the deepest, most capable and hardest working we've ever come across, which was apparent in nearly every presentation. In short, Amazon is an extremely well-run company, with an intense and competitive focus on achieving scale economies and the execution of an increasingly complex strategy. Regardless of near-term stock action, the approach of Q4 should be a significant catalyst, and long-term value creation could be immense.
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