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Technology Stocks : Booking Holdings (formerly Priceline) -- Ignore unavailable to you. Want to Upgrade?

To: PeterGx who wrote (2039)	11/29/1999 7:54:00 PM
From: Victor Lazlo	Read Replies (2) \| Respond to of 2743

<<The new float is met with decent demand. What does this mean when the new float finally becomes completely absorbed by institutional investors? >> Peter when do you think that absorbtion will be completed? Could be a while. << I'd be one of the last ones to get caught in the Net euphoria, but the opportunities for PCLN's business model to be applied to virtually all kinds of markets for goods and services is astounding. once again - never before have we possessed a medium to allow us to drive market equilibriums with complete precision.... in a way PCLN is revolutionizing (really) market dynamics shedding away a lot of deadweight and inefficiencies. >> I see it differently. i see pcln as a broker. A middleman. Brokers have become the first and most obvious casualty of the web. You no longer need a stock BROKER. You no longer need a mortgage BROKER. You no longer need an antiques dealer. Soon you will not need a real estate BROKER. PCLN is a broker, and nothing more. It exists as an unnecessary layer of fat and expense in-between the seller and the buyer. And the web will not tolerate that for long. If pcln keeps having to exchange stock warrants for merchandise it can auction off, when will meaningful earnings per share ever come? You can bet your bottom dollar that as we trade messages here, some 20-year old kid at Stanford has begun the start-up co that is going to do pcln in for good. If you really believe in the internet revolution, you have only seen the top of the first inning. It is foolish to try to pick the winners now. Victor

To: PeterGx who wrote (2039)	12/13/1999 3:15:00 PM
From: Enam Luf	Read Replies (3) \| Respond to of 2743

You forgot a couple of things. 1. Priceline is reporting gross revenues for the time being. In reality, it should only report net revenue (about 1/10 of the gross). Acting as a broker for someone else's product does not entitle u to record the entire sale as your own $$$. 2. Priceline's model is only really applicable to industries w/ perishable goods. 3. How can PCLN's business model scale in groceries and the like. If sales were ever to get that big, the retail and existing stores would have to revamp their operations to handle the pcln related volume. This is highly unlikely and more importantly, out of pcln's management's control. 4. A good percentage of pcln users walk away unsatisfied (their asking price fetches no sellers). This results in a poor experience and lack of incentive to return.. I'm sure there are more, but in the end, pcln's model is limited at best. That will come to be reflected in the stock price over time. Another 75% downside is not unlikely imo. -enam