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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 233.95+0.3%Dec 1 3:59 PM EST
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To: Bill Harmond who wrote (57276)5/18/1999 5:57:00 PM
From: MSI  Read Replies (2) of 164684
 
the Street believes what they hear and has faith in the long-term model and management's ability to execute against plan.

I am sure you do. My problem, is the risk of everything going exactly right between now and 2010, to justify 10X current sales, and 20% gross margins. It ain't easy, and some smart highly risk-oriented players are now on stream. Unlike msft or csco I don't see anything proprietary to slow down competition, and the nature of the net is to reach lowest common price denominator. They need pure execution for the next 10 years. Don't you think?

Of course, this is the wild west days, and financial engineering combines with technical engineering to create opportunities, and maybe they can buy another $5 billion in sales somewhere, if you know what I mean. If they can show that they do that, then I'm a believer. Otherwise they're missing the boat and will be expected to continue to pay $650 mil for $6 mil worth of software. That was hard to take.
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