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

AMZN 235.23

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3:14 PM EST

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To: Eric Wells who wrote (71940)	8/4/1999 9:22:00 PM
From: Lizzie Tudor	Read Replies (1) of 164684

He He once again I disagree. Unfortunately no time for discussion on fundies now! But, the thrust of my argument revolves around amazon doing 300mm in business in only books last xmas after being founded only a few years before. Meekers position on the ecommerce vendors (which I mentioned here once), is that if they invest in infrastructure, which is costly, they can bring the whole world on line much faster than an traditional retailer, and hence grow much faster, albeit not profitably initially. I think last xmas sales figures proved that to be true. It doesn't matter if Walmart marked every book off 75% as loss leaders, there is no way Walmart could have done 300mm in book sales in one quarter after only a few years of operation, apply that to any retail market you like. The problem with Cohen is that he never forsaw revenue like that from Amazon, he missed the 'entire market online at once' concept. Cohen was not predicting a 300mm xmas qtr from amazon, his growth rates were way off, I actually think he valued amazon as if it was one Barnes and Noble superstore or something, with the same growth expectations.

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