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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: James Clarke who wrote (10801)	6/28/2000 11:24:00 PM
From: Madharry	Read Replies (1) \| Respond to of 78525

you do have one thing going for you . In 1994 someone asked me about buying AOL. I looked at them and said: " why would you want to by aol?. There are no barriers to entry, they are losing money and they don't have a lot of capital". I still don't understand the time warner/aol merger. We all know that BNBN isn't going away . Music will probably be down loaded in the future. what's left? video on demand isn't far away.

To: James Clarke who wrote (10801)	6/29/2000 8:04:00 AM
From: Mark Marcellus	Respond to of 78525

Herb Greenberg just ran an excellent 3 part series, written by Randy Befumo of Legg Mason, making the bull case for Amazon. Part 1 has just shown up on the public site, parts 2-3 should follow. thestreet.com

To: James Clarke who wrote (10801)	6/29/2000 9:35:00 AM
From: flyboy	Read Replies (1) \| Respond to of 78525

On AMZN...I shorted that at $45, I covered June 23. My concern remains the same. The shorts have generated a tidy profit on information that was already in the market. AMZN is a dog. The ONLY reason that AMZN commands such a high market cap is because institutions are still throwing good money after bad. The shareholders in AMZN have no equity and are subject to heavy dilution IF this company EVER becomes profitable. Otherwise bankruptcy occurs and the covertable bond holders get all the stake that is left in the company. This company has an TON lot of leverage out there for a company with a limited amount of assets. I am appalled by ANALysts that call AMZN the gorilla in this space because it simply is not true. This is a highly leveraged enterprise that represents a far greater risk than almost any other e-tailer. Take ETYS for example, the market kicked them because of the refinancing deal that they did. The deal at ETYS is alot better than the deal at AMZN believe it! I have used ETYS and there is no peer, I am not invested in it though. AMZN will NEVER be able to get financing again so those bonds are all the money that they will ever see IMO. I must laugh because PCLN is another short that I may well cover today. They are similar IMO. They are darlings of fund managers because they are big and known. PCLN has been given tickets to sell for stock, which long term will not be profitable...lol! My other short is a newly opened short of LUV as a hedge on my DAL long.