Bob Brinker: Market Savant & Radio Host Message Board

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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host

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To: Islander who wrote (8929)	1/10/1999 2:55:00 PM
From: jeffbas	Read Replies (1) of 42834

My problem with your analysis is REPRODUCABILITY. What does Amazon have that is not easily reproducible by any number of competitors? Microsoft's control of the operating system isn't even in the same ball park. Inherently Amazon is a distribution business with an innovative business model. It will attract plenty of competitors that will ensure that Amazon does not achieve more than a distribution margin for very long. Distributors sell at low Price/Sales ratios, etc. and I do not see any reason to say that THIS TIME IT IS DIFFERENT, which is the standard that always appears at the end of a bubble. I would add that in 30 years of investing I have seen many short squeezes, including the classic Resorts International one many years ago. Friday's action looked a lot like the top of these things. Time will tell whether it is or not.

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