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

AMZN 249.14

+0.3%

3:59 PM EST

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To: H James Morris who wrote (11793)	7/26/1998 2:41:00 PM
From: Rob S.	Read Replies (1) of 164684

I agree. Bezo has made it clear that operating the company is his passion and the stock price has little to do with that - probably more of a distraction and "necessary evil" than a benefit for a company with many typical growing pains. I think part of what is fueling Amazon.com is all the Microsoft and other high-tech money that is floating around Seattle and other tech corridors in the hands of enthusiastic yuppie types. The fervor the the latest, greatest "hot ticket" is incredible. But a similar fever infected other NorthWest tech companies and hot ideas in the recent past; Ride Snowboards, and micro-brewery companies are examples. It "just feels so good" to buy into the enthusiasm at the time. Bezo has that 'urban high-tech chic' attitude that makes him highly directed yet down to earth at the same time. Some recent companies that have had a similar corporate climate have met with mixed results; the super energetic, fly-by-the-seat of the pants atmosphere works extremely well during the early stages of growth: it's OK that people run around as if their heads are cut off as long as a lot of work is getting done and the company is of a size that management can easily practice "management by walking around". But this very same culture that helped create the machine for incredible growth can also quickly lead to a log jam of troubles or even business failure (Virtual I/O was a very similarly oriented downtown Seattle "corporate culture" that failed a couple of years ago). Management finds it increasingly difficult to get their arms around the business and changing the style to include more controls and segmentation often creates friction and misunderstandings that reduce employees rampant enthusiasm to work to the point of utter exhaustion. I tried to get a tour of Amazon.com's facilities but was told they don't give tours but on rare occassions. Bezo emphasized during the conference call that they wanted to concentrate on the product core areas and had difficulties expanding because of "executive bandwidth" limitations. That is both an indication that growth must slow down and that Bezo realizes the need to get the operations running more efficiently. A very likeable guy.

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