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Strategies & Market Trends : Value Investing
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To: LauA who wrote (5763)1/13/1999 2:38:00 PM
From: Michael Burry  Read Replies (3) of 78644
 
The ever present risk is that the company will use cheap stock to buy real companies.

I've thought of that. Amazon.com, for being such a crummy business,
has an amazing amount of spending power in its immensely inflated
shares. It could do 10 $1 billion dollar stock acquisitions of real
companies that needed to earn their way to $1 billion market cap,
and AMZN stock would hardly suffer. It's added $10 billion in
market cap in just the last few weeks. No sweat. If Amazon started
to do that, or did a second offering at these prices, I'd have
to cover. But as I understand it Bezos is trying to stay close
to home and be a retailer, keep doing what he's doing. So be it,
and I'll short it.

Mike
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