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

AMZN 232.56

-0.8%

3:10 PM EST

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To: GST who wrote (138722)	2/6/2002 9:24:52 AM
From: Glenn D. Rudolph	Read Replies (1) of 164684

"Glenn: Bill suggested that I ask you about this -- is it true? He said: "Amazon is getting raised and you say Glenn has the satisfaction of being right? Are you from a different plane? Ask Glenn. He doesn't have any satisfaction. Amazon is driving him rammy because it refuses to fit into his analytical box" " Amazon is not being raised either from a stock point of view or from a fundamental point of view. It does feel good to be correct. Amazon is crashing and burning as predicted. The only reason there are not only ashes left at this point, is due to the influx of cash from the capital markets and in very large quantities. Bill's lack of admission of betting totally wrong does bother me. We made a bet sometime back about Amazon's future. I cannot pinpoint the exact words without wasting a large amount of time. In general, Bill has advocated that Amazon has huge potential and would be a major retailing force. I was of the opinion Amazon was only there to make the insiders wealthy and that it would never be a successful business model. It is years later and Amazon continues to lose money. The book value continues to become more negative. The amount of incorrect information being provided to Amazon's investors is as large as it ever was if not larger. Amazon did not grow organically last quarter. In fact, they booked Borders Book sales as their own book sales. I have not gone through the 75 plus pages of footnote of the Amazon filing due to lack of time on my part running my business. But each time I scan them, I see inappropriate bookings of revenue and expenses. Amazon is not a huge e-commerce force. Amazon had 58% of the e-commerce sales in the US in 1998. Amazon had 17% of the e-commerce sales in the US in 2001. Amazon is losing market share. The e-commerce market is growing and Amazon is not growing nearly as quickly as the market in which they compete. In fact in the US, Amazon's sales are not growing at all.

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