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Jumper, are you saying if a company is in electronic commerce, it should be evaluated in the same way as all other companies in electronic commerce? I doubt you mean that, but it seems you're comparing a transaction company (CKFR) which will make a small profit on many, many transactions, to a bank (NTBK) which makes money on the time-value spread between interest paid and interest earned on funds on deposit, and trys to keep transaction costs low (by utilizing services such as CKFR, for example).
I fail to see how a bookstore (AMZN), stock broker (EGRP) and bank (NTBK), each of which should have a distinct business plan, should be evaluated the same way simply because they each use the Net extensively to do business. If that were logical, we'd evaluate alike all companies who use the telephone extensively (Lands End and Ed's Storm Doors and Windows?) Or which use rail transportation extensively (GM and Zeigler Coal?)
Electronic commerce is one means to a commercial end.
In itself, it is not a business plan.
~ Doug ~ |
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