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

AMZN 236.20

-0.6%

2:04 PM EST

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To: Eric Wells who wrote (109321)	10/2/2000 1:06:58 PM
From: Bill Harmond	Read Replies (4) of 164684

The problem with taking cues from the market is that it is manic-depressive. Right now it is entirely fashionable to hate any dot-com. I have absolutely no problem with Amazon. I have never wavered. I'm betting and believing that Amazon will be (also is) the retail interface of choice, and that Amazon's model is clearly superior to conventional retail. I have never been disappointed in their aspirations nor their execution (toy inventory writedowns were a pill, but they fixed that in style) and I'm impressed with their flexibility. Plus I'm about the only Amazon bull on this thread..how do you expect me to sound! Yahoo is huge, immensely profitable, has $1 billion or more in cash and can weather the dot-com advertising shakeout. No one here remembers the shakeout that occurred in television in 1970 when cigarette advertising was outlawed. It seemed horrible at the time, but selling broadcast stocks in 1970 based on that would have missed 80% of their move. Priceline has been dicey and I lost interest in it last year. The model is great, IMO. Ironically I think Priceline would do best in a recession. I was really disappointed that they didn't take Q&A during the preannouncement conference call. Silence sounds like execution issues. I spelled out those other names in my post to HJ not as bravado, but to counter his years at sniping at me about eloan, Priceline and whatever else. I don't deserve treatment like that. No one does. I'm a long-term holder now, so overextended is no longer strategically in my lexicon. I could counter that there are stocks that are overextended on the downside. As I've watched this new long-term strategy play out this year it amazes me how overall performance can be good because of diversification...even if entirely among high-beta new economy names. In late May with NASDAQ a couple hundred points below today I threw up my then-favorites list as a bet with Ike. We both created $260,000 portfolios. Look how some of the names have been hammered, but the return of that static list in 4 months of sideways market has been pretty good: siliconinvestor.com

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