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

AMZN 233.22

+1.8%

Nov 28 9:30 AM EST

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To: Don Westermeyer who wrote (1231)	1/19/1998 12:42:00 PM
From: Peter Goss	of 164684

Don- I have been thinking about what is going on with AMZN and all its brothers. It seems that the easy converts have already been captured to the internet experience. These are the people who are first to new things. The problem going forward is how to move the masses over to this distribution channel. In today's LA Times an article about internet commerce quotes only 4.5 million (out of 45 million who used the Web at least once) as confirmed buyers over the internet. Further, 132 million people have no access and 32 million have access but don't use it. So what will change to allow those other buyers to come over to internet commerce? Companies will have to spend more and more money to capture those potential, but marginal (in the economic sense) buyers. With that dynamic - and competition - it seems hard to see how they will ever make money. And to quote Louis Rossetto cofounder of Wired magazine - in a recent New Yorker article on the digital bubble - " It turns out euphoria is not a business strategy." These ideas may not make AMZN and its brethren go down next week, but relatively soon. PG

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