As for ethics....
<<<Now, as for ethics, consider this. Earlier this year, when Kleiner Perkins was actively distributing shares to their partnership investors (many big Silicon Valley names, BTW), John Doerr (KP's top dog) was trotting around to conferences and such talking up the wonderful potential of the Amazon "franchise" or "brand" and spouting the same long list of totally unquantifiable, subjective, unprovable reasons why Amazon will rule the "e-tailing" world that all the analysts spout now. It all sounded great, but there is still no way to demonstrate how Amazon will accomplish any of its grand dreams. But, most importantly, while he was saying all these things, he was passing out the stock certificates so that Scott McNealy, Andy Grove and a long list of other Silly Valley insiders could sell.>>>
Bob, please comment on the ethics YOU DISPLAY when you slander L. John Doerr and Kliener Perkins. The original S-1 from the IPO lists the partnership (in Doerr's name) as owning 3.4 million shares (pre-split). Now that the stock has split, the partnership owns 6.8 million shares.
How much insider selling has people affiliated with Kliner Perkins done while Doerr has been promoting the stock? Its not hard to answer this question.
biz.yahoo.com
I see
1) William Hearst (Kliner partner) with a planned sale of 20,000 shares on 13 March 1998
2) Mitchell Kapoor (Kliner partner) with a planned sale of 1023 shares on 25 Feb 1998
3) Andy Grove for 1279 shares on March 10
and 4) Andy Bechscheltscheim for 1279 shares on March 9.
I don't see Scott McNeeley on this listing. Perhaps you have a listing which is much more extensive than mine.
Since these were all presplit, we can double the number of shares and call it 50,000. 50,000 shares divided by 6.8 million is 0.7% of Kliner shares that have been sold while Doerr promotes the company. It appears to me that they have held on to 99.3% of their shares.
I emphatically agree with Walter High.
After the Q1 blowout earnings came out, my bullish postings were attacked from everywhere. I didn't have time to keep up with all the criticisms, so I just quit. Under siege, I decided it wasn't worth it to continue to attempt to pour my energies into persuading anybody on the thread to temper their bearishness. I lost a lot of money in the stock market last year when I became convinced that I knew more than the street about a company. I had learned something about my limitations, and wanted to try to help.
I still think this stock has a couple more doublings in its future. Walter has done a fine job of describing the vision which inspires people to invest in this company at this price.
Antiquated valuation methods such as fundamental analysis will become meaningful for AMZN again in about five years.
And, BTW, I challenge you to prove to the thread that people associated with Kliner Perkins are selling more than 1% of their collective holdings in AMZN. This is part of the reason the stock is doing so well, IMHO. Small float because the insiders believe in the company and aren't selling.
Tom D
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