Exactly... I read this article carefully today. It has not a single new point. Must have been written over the past several months, finished up several weeks ago, then tweaked with a few newsy items to make it look more current. As someone observed though, they already missed the big internet correction - should have used it 3 weeks ago! Sure, they'll hit it for a few points this week. Big deal! What are investors who believe in the large-scale internet-based retailing model going to do now, go out and buy BarnesandNoble.com?
What's really striking about the article is how far out on a limb they go with weak arguments, to try and trash AMZN, without offering any objective facts to counter all their negative points. Like claiming these Palm-sized electronic books are going to "knock out books" anytime soon. Give me a break!
Another typically lame example: "Amazon is reporting their results for acquisitions without including goodwill, very unorthodox". Welcome to high-tech Barron's, have you East-coast dudes been on the planet lately? Cisco mastered this game, everyone in high-tech uses it, although FASB isn't pleased (thus the proposed "pooling of interests" controversial ruling) it's not unusual at all.
The Barron's peice is such a routine practice, especially for tech stocks, where it's so obvious there are major short-sellers giving them info which they hardly look at, that it's amazing the financial pros still consider them as a credible source of information. Interestingly, in the same issue is Alan Abelson's (English major extrodinare) latest mega-Bearish, ominous warning telling us all the Dow's about to crash and burn and the tech stock world will end. He's been doing that since what, Dow 2,000?
I'm not long (or short) AMZN. But I am offended by such unbalanced, junk reporting presented as a serious article. I would offer to counter it, as a known fact, that Bear-uns issues do indeed make for some excellent toilet paper, as suggested on this thread.
Go www.thestreet.com! (no affiliation, but I find them a great counter to this kind of junk).
-Steve |
