Overstock Paddles the Amazon

By the way, this is just a sampling of what I found the "experts" were saying about Amazon within a few days or weeks of the low in the stock. In less than an hour of research, I collected several dozen similar quotes, many of which are from the same characters who criticize Overstock today.

"They're still losing money and are likely to do so for the foreseeable future." -- A hedge fund manager.

"When are they going to earn money? That's what investors want to know. If they could turn profitable, people would be interested. It's up in the air whether their business model will work." -- A money manager.

"They have to show the Street that they can make money." -- Wall Street analyst

"They don't have a proven business model." -- Wall Street analyst

With the benefit of hindsight, the attacks on Bezos in late 2001 were harsh and unfair. For example, when Bezos said the company would grow into profitability, a major business publication said: "Should we believe him? The answer is probably, no ... the numbers don't look good." When Bezos declined to comment for the story, the writer implied "that may be because the numbers raise scary questions."

Look at the negativity embedded in this survey question, directed to investors in general in 2001: "Is CEO Jeff Bezos dreaming when he says Amazon can be profitable? When do you think Amazon will make money?"

The survey had several specific years to choose from; nevertheless, 52% of the votes went to the last choice: "Never."

As you can see, Amazon CEO Jeff Bezos was the target of scorn and ridicule back in 2001. Of course, Overstock CEO Patrick Byrne is currently the target of negative commentary, much of it unwarranted as I explained in this earlier column.

Here are some more priceless words of wisdom concerning Jeff Bezos near the stock low in 2001. Each quote is directed toward Bezos, but the quotes are eerily similar to current negativity directed at Overstock's CEO.