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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (5640)	1/3/1999 9:46:00 PM
From: Wright Sullivan	Read Replies (1) of 78719

Mike- Related to your Amazon thoughts: Did you see the article in the latest Fortune magazine (1/11/99, page 150) about Buy.com? They sort of take the lowest-cost web seller concept to the ultimate extreme and sell everything below cost, theoretically making all their money from advertising (or something like that). Here's a link from Fortune's web site: pathfinder.com I felt like I was in the twilight zone, or a News of the Weird column while reading it. I don't think it was a joke. It was a lot like that Saturday Night Live fake ad from a few years ago, about a bank which did nothing but change money for customers, two tens for a twenty, etc. The very serious narrator asked, "How can we make money this way? Simple: Volume". A riot, but truth is stranger than fiction once again. No discussion needed on this, but it illustrates just how cutthroat pricing on the internet is and will be. (And I hope I'm not the butt of some Fortune writer's April Fool joke in January.) -Wright

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