I have to decipher my notes, but here is some of what *I* understood from the meeting:
They are not interested in the Internet ITSELF, as far as hardware, portals, etc. but they are VERY interested in SELLING (retailing) on the I-Net. He said 'GEICO does a nice chunk of biz on the I-net, so others might follow' (MIGHT). He said the jewelry store Tiffany's is on the Net, and Borshim's will be also in May (now ?), except the Borsheim's prices will be A LOT lower than Tiffany's. BH owns Borsheim's, but they do not own Tiffany's.
Somebody asked him why he doesn't look at the super-retailers, which i took to mean the Wal-Marts, K-Marts and Super-Targets of the world, and he said because he 'has some concerns as to exactly what these stores sell that might be sold on the I-Net by others cheaper and more easily'. He said 'whenever he walks into a store, he looks at each depratment, possibly even the items they sell, and thinks how easy it would be to sell said item on the I-Net. Some easy, some not so easy'. He didn't name any items.
He kinda DID elaborate on Tech stocks, why he doesn't like them:
He said he asks himself 'if this company will be around in 10-15-20 years, with the same increase in Market Cap'. With the changes in the Software area(s), he doesn't understand who will be around in that time span, AND who will continue to grow every year up to those time frames.
More in a bit.
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