I remember thinking I was getting a good deal on Amazon in the summer of 2000 when cash concerns had knocked its stock price down to $50. Then it went to $6. Then it survived the bankruptcy forecasts and Internet bust and got up a good head of steam. Then Jeff started running it like a private company. Then, then, then... Anyway, now, 7 years later, I've finally clawed my way back to even again.
Amazon hasn't become the company I hoped it would back when I put that $400 target on it ($67 in today's split) in December 1998. As you may recall, the stock blasted through the target in two weeks, soared to $600, and then, over the next 18 months, collapsed. Amazon's still a great franchise, and I'm still a happy customer. I don't own the stock because I expect it to soar. I own it because...well, for old times' sake and because I'm going to own it until it breaks through $400 ($67) again or goes bust, whichever comes first. I don't follow the company closely enough to have insight into this quarter's numbers. But they certainly come as a breath of fresh air.