This ended up becoming one of the most laughable things ever said about
Amazon (AMZN). And this line isn’t pulled out of some freebie city newspaper… it’s from a
60 Minutes special back in 1999. Amazon’s stock price had surged 4,500% over the past two years. The internet shopping pioneer’s sales were soaring triple digits. CBS and
60 Minutes thought it was one giant bubble. Take a look at Amazon’s stock since then. How did a show that prides itself on facts and analysis get is so, so wrong?
Folks Thought Amazon Was Just a Money-Losing Internet Bookstore They couldn’t see Amazon’s goal was never to create an online bookstore. It was building an entire delivery system for internet shopping. Why is internet shopping so popular? Its “killer feature” is being able to click a button and have the items arrive on your doorstep a few days later.