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

AMZN 234.29

+1.3%

Jan 22 3:59 PM EST

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To: Lizzie Tudor who wrote (88582)	12/26/1999 1:26:00 PM
From: H James Morris	Read Replies (1) of 164684

Re:B2B Not enough investors looked closely enough at what Mary had to say in her Barrons interview about B2B stocks. Although this sector has been a tremendous investment for all of us, I think these low margins that Mary is talking about will eventually bring these B2B back to reality. But then, I also thought that Bezo's low margins would have caught up to him earlier. I want to go on record as being the first investor here to set up a box on Cmrc @ 505. Was that the biggest mistake of this year or what? Now I'm in what they call dead man's land. That means a bunch of money tied up going no where!!! >Table: Meeker On Internet Stocks Q: There has been a lot of excitement about so-called business-to-business Internet companies. What's your view on that sector? A: There will be a new wave of business-to-business companies coming public. The changes caused by these companies will arguably be more powerful than the business changes caused by the business-to-consumer companies. Let me explain why. It's not critical for me to buy a book online for my mother or father for Christmas. But if I'm a procurement officer at Hewlett-Packard or AT&T or Morgan Stanley, it is critical for me to try and save money for my firm. And so while it's unlikely that business-to-consumer commerce goes to more than 10% of retail in the next five years, it wouldn't be a surprise if we see a more rapid migration to e-commerce by businesses. In which case there should a lot of companies that really are exciting and do deserve financing and do get out into the public markets. That said, hear me out: The business-to-business companies that we have seen to date don't all have business models. And it is very easy to set up an exchange, or in theory set up an exchange, to sell widgets. The reality is that is not a very high-margin business. When push comes to shove, distribution businesses by and large are 1%-10% net margin businesses. Many of those models will probably be aggressively accepted by the public markets because they are in the right space. Yet many will not have shown that their models work in the year 2000.

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