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

AMZN 222.57

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3:44 PM EST

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To: GST who wrote (101877)	4/21/2000 6:29:00 PM
From: Glenn D. Rudolph	Read Replies (1) of 164684

Last October, ETYS had a market cap north of $13B and now it is below $1B. AMZN now has a market cap of $18B -- is AMZN the next etailer to go to a sub-$1B market cap?? In case you are interested, that works out to a price of less than $3 per share, down from $52 currently. GST, I really am interested becuase I am obcessed with Amazon. Maybe because I lost so much money on it. I do own some non profitable internet firms and the ones I believe have a good chance of becoming profitable. Most are software service or build out firms. I do own BNBN but it was kind a of defiance similar to when Willaim bought Amazon 200 shares or whatever it was some time ago. My BNBN position is small. I do believe Amazon's market cap will continue to dwindle. The only current prop has been ther connection to Kleiner Perkins that is bringing a lot of agreements with other Kleiner Perkin's firms. I believe the public (many investors) no little about Kleiner Perkins or the fact that ever or almost every deal Amazon has made is with a Kleiner Perkins firms. It seems that the average investor still perceives some value in Amazonw hen they sell all these deals. Something like well id Drugstore.com will pay Amazon $30, then there most be something to the value of Amazon's reach. I do not believe this misperception will dissappear that quickly but it will eventually dissappear. I believe Amazon will be the last pure play B2C to go but Amazon will go and $3 or lower is easily possible. Let's keep in mind that Amazon has a a huge negative book value excluding intangibles. Amazon has a lot of debt and not just in the form of bonds. Many of the distribution centers are leased under long term leases which as William astutely pointed out, that is debt. Glenn

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