Thank you for the tip, Jeff.
biz.yahoo.com
Thursday April 20, 5:35 pm Eastern Time
Internet investing not for everyone -- Amazon CEO
SEATTLE, April 20 (Reuters) - Investors can get badly burned by making short-term bets on Internet stocks, Amazon.Com Inc. (NasdaqNM:AMZN - news) Chief Executive Jeff Bezos - who has seen his own company's stock fall by more than half this year -- said on Thursday.
With many investors losing billions of dollars on paper as Internet stocks have plunged from lofty levels in recent weeks, Bezos, who built Amazon into the largest on-line retailer, cautioned against ploughing cash into untested start-up companies.
``If I were a short-term investor, I would not be invested in any Internet stock,' Bezos said in an interview on CNBC television. He advised long-term investors with a tolerance for risk to buy stock only in companies building sustainable businesses.
Bezos and Drugstore.com Inc. (NasdaqNM:DSCM - news) Chief Executive Peter Neupert, seated next to him during the interview, said they do not spend much time thinking about their stock prices.
In Nasdaq trading on Thursday Amazon.com shares closed at 52-3/8, down 54 percent from their all-time high of 113.
Shares of online pharmacy Drugstore.com stood at 8-1/16, down 89 percent from an all-time high of 70.
Amazon.com is a partner and partial owner of Drugstore.com. Both firms are based in Seattle. |
