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To: Tom D who wrote (7133)	6/23/1998 1:04:00 PM
From: e. boolean	Read Replies (1) \| Respond to of 164684

Agreed that we haven't seen insider selling - and I don't think we will. e.b.

To: Tom D who wrote (7133)	6/23/1998 1:57:00 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 164684

Let's just put to rest this fantasy that there is meaningful selling by insiders. Tom, you are correct that Bezos himself has not directly sold any shares (we've discussed KP, so no need to repeat that now), but you have missed the point of the discussion of the Ford Foundation (and the various other foundations and trusts that have filed for small amounts). If Bezos is clever enough to utilize charitable foundations and trusts, whether he is making contributions of appreciated stock or they are part of some more complicated transaction, he is clever enough to be hedging and monetizing a significant part of his position without anyone here ever knowing about it. Many here have suggested such based on the very large open interest in various deep in the money call options as well as nearer the money calls and puts that could comprise a collar. The point is that if you, as a long, are assuming that just because you don't see filings from Bezos that he is sitting exposed for the long-term upside potential, you are highly likely to be mistaken. He knows this game much better than anyone here. The fact is, as of March 1, 1998, Bezos and KP were the only >10% holders (actually, I think they were the only >5% holders). There is more to this Ford Foundation filing than the summaries of it let on. If you take comfort in Bezos' apparent lack of selling, are you so sure you know what he is or isn't doing? And if bears shouldn't read selling as bearish, should bulls read lack of selling as bullish? Many who follow insider activity closely have said that only heavier than normal selling is bearish and only actual open market buying is bullish. Holding wouldn't qualify as meaningful for either case. Bob