Amazon.com, Inc. (AMZN) Message Board

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

AMZN 220.66

+1.6%

Nov 21 9:30 AM EST

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To: GST who wrote (100854)	4/14/2000 8:39:00 PM
From: Bill Harmond	Read Replies (4) of 164684

GST, Let me give a personal observation. Three short years ago, in May, 1997, I bought Yahoo at 32. It was losing money, and selling at 33x revenues. All those terrible things that you and this week's market find anathema. Sure there was risk, but I chose Yahoo because it was the leader, had a defensable position, great management and was gaining share in a rapidly developing, scalable business. It turns out I paid $2 for today's shares and a P/E of 3x this year's earnings. Stick with great businesses and great managers. The market will do its thing, but in the long run it's stock selection that makes money.

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