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

AMZN 239.30

-1.0%

Jan 30 9:30 AM EST

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To: JBL who wrote (22806)	10/24/1998 10:19:00 PM
From: Glenn D. Rudolph	Read Replies (1) of 164685

The day I first interviewed at Goldman Sachs, I was amazed to find that equities, at the most important equity house on Wall Street, were virtually Lilliputian compared to bonds. All the real big money came from underwriting. As the bull market took off, it got even worse. The big money came from securitization of different pieces of credit, car mortgages, house mortgages, credit-card mortgages. You name it. These giant pieces of paper were sold and sold aggressively. That's where the real money was. The underwriting fees from the issuers were enormous. But you could trade these pieces of paper and take 1/8th, as they say, and make millions. I never made as much money selling stocks as I did with bonds. Ever. And bonds always sell like hotcakes because people have to own them. Pensions have to own them. Retirees have to own them. They can take every piece of paper ever made and sell it -- even that Milken junk. Until now.

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