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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Timoteo who wrote (7128)	4/16/1998 12:46:00 PM
From: Oeconomicus	Respond to of 18691

Timoteo, I vaguely recall figures for 2000 of something like $10bn worth of books in the US market and $80bn worldwide. AMZN bulls acknowledge that book sales are growing very slowly, but they argue that the 'net's share of book sales will grow dramatically and that AMZN will get a big piece of that. A few months ago, the argument was that AMZN would only need 10% of that $10bn in 2000 to hit their target of $1bn in revenue that year. Does that justify today's price? No, but like Ben Graham observed, in this "new era", the argument was/is all that matters is projected growth - the old rules of valuation don't apply - it's growing, buy it because as long as it's growing it will go up. Of course, perceptions can change, but apparently not just because of valuation. Bob