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To: Lizzie Tudor who wrote (47920)	6/17/1999 8:09:00 PM
From: Haim R. Branisteanu	Respond to of 86076

Michelle I think it was me regarding AMZN. Still I do not buy their business model. All those businesses must make money and have nothing proprietary to sell. AMZN was clever to establish a brand name but I am not sure how much is it worth. KO devised a much smarter idea for a brandname. They sell "taste and color" mixed with carbonated sweeten water for "relative" extremely high prices which leaves room (money) for advertising and profits. BWDIK Haim

To: Lizzie Tudor who wrote (47920)	6/18/1999 9:40:00 AM
From: BGR	Respond to of 86076

I still don't know when they will become profitable. But Bezos has proved to me at least that he has what it takes to bury all competition. At this rate, sooner or later they will become the eTailing SuperMall. (In fact, I remember reading a 1996-97 New Yorker article which claimed that Bezos was not that keen on books, he toyed several other ideas and decided to start with books and then expand.) That translates to serious revenue expansion for many years to come which coupled with negative cash-conversion-cycle means that we have a cash-rich gorrila in our hands for the next several years. Ultimately, as the entire economy moves on-line - and I am sure that it will as more efficient systems always win - they have perhaps the best chance to remain standing. Margins, hopefully, will rise at this point due to massive consolidation. Anyway, this is how I see AMZN. The crucial thing was how they expand and maintain their revenue stream, Bezos has exceuted flawlessly in that respect. And he has accumulated a pretty impressive VC portfolio as well (thanks for pointing that out to me in your several posts). I overlooked that part of AMZN.