Safa Rashtchy Growth Quotations

Yahoo! is still seen as heavily dependent on advertising, and since there is no clear recovery in the ad market yet, people aren't getting excited about Yahoo!. In reality, Yahoo! has diversified outside its core advertising market, and growth there will help it grow the top line nicely.

If Amazon produces the numbers, nobody will care. If the growth isn't there, then I think it will become more of an issue. Why isn't there the disclosure level that we would expect?

With growth pushed off until 2007 and beyond, we would not be active buyers yet but rather look for potential catalysts over the next year.

but I think eBay and even Amazon have reached pretty high valuations that can't be supported even with their growth rate.

The key for Amazon is definitely top-line growth in 2002 and beyond. Expectations are not that big. Our model is for a 12 percent increase year over year. That by itself is not enough. Investors expect growth will accelerate in 2003 and beyond, and for that to happen, they need to have some new service deals.

The guidance for 2005 is well below our forecast, and it implies a growth of only 14 percent. Our forecast was for growth of about 20 percent.