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February 1, 1999

Investing in the stock market - however you do it and however easy it may be - will always entail risk. I would be very concerned if investors allow the ease with which they can make trades to shortcut or bypass the three golden rules for all investors: (1) Know what you are buying; (2) Know the ground rules under which you buy and sell a stock or bond; and (3) Know the level of risk you are undertaking. On-line investors should remember that it is just as easy, if not more, to lose money through the click of a button as it is to make it.
Arthur Levitt in Statement Concerning On-Line Trading (1/27/99)

It does not take much analysis to conclude empirically that Amazon.com, along with most if not all internet pure plays, is an extraordinarily volatile stock. In my opinion, with this level of volatility, Amazon.com should be only a small fraction of any small investor's portfolio. And also in my opinion, it shouldn't be any fraction of a short-term investor's portfolio.
Jeff Bezos during Amazon.com's Fourth Quarter conference call (1/26/99)

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