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The Rewind: bubble.com

The Memo by Howard Marks

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Dot Com and E Toys Will Do Business Without Stores

E toys stock is now off 70 % from its high three months ago, wiping out seven point one billion dollars of market value. The companies can't count on brand loyalty, because it's all just about low price. Even among just the dot calms, competition is bound to delay and limit profitability. There'll always be someone waiting in the wings to cut price, perhaps to zero for market share.

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