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

AMZN 229.12

-0.2%

Nov 26 3:59 PM EST

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To: Glenn D. Rudolph who wrote (89188)	12/31/1999 12:04:00 PM
From: H James Morris	Read Replies (2) of 164684

Glenn, I loved story tellers when I was a kid. Hey! check this out. We're talking about one big $12bil elephant here. This William H. Miller III is no slouch, maybe we ought to change our opinion on Amzn. >The manager's late-1999 investment in Amazon is among his most audacious. The Internet retailer has posted a string of losses, yet the stock has recently been trading at about 22 times expected 1999 sales. How is that a bargain? Mr. Miller thinks that Amazon is approaching the point at which it will continue to grow rapidly without requiring further investment of capital. He also believes that Amazon has established "a virtually unassailable lead" in online book selling, and that its upside is even greater if it can succeed in its sell-everything strategy. He says he wouldn't want a whole portfolio of Amazon-like stocks, with huge potential but great uncertainty, which is why he continues to buy Waste Management and others like it, including supermarket operator Kroger and toy maker Mattel. Whole story. interactive.wsj.com

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