David Rosenthal: belief

Transcript context

…I am saying that if it wasn't day one for the Internet, it would have been a Ponzi scheme. Let me put a finer point on that. It would have been like me going and opening up a credit card to pay off other credit cards that I owe debt on. That is the type of thing we were talking about with the float situation. This is a little bit of a sidebar here. Through the probably two months at this point since we decided we were going to do this episode that we've been researching, I just had in the back of my mind. I'm like, I wouldn't have even thought about this a couple years ago, but magic of compounding acquired. Here we are. If by some miracle at some point, we get to interview Jeff, I think that's the biggest question I want to ask him. You stepped back? Forget Amazon, let's just talking about the Internet. What coach Campbell thought you might want to do in 1999, 2000 of step back, pursue your other interests, you decided no, wait, it's still day one here. Is it still day one now? That is a phenomenal, phenomenal question. Okay. To your point on that, is it still day one for the Internet? I love this question in particular. Here is a quote from the 1999 letter to shareholders. The thing to note here is he's justifying why they're investing so much money in technology to reduce costs, like just keeps reinvesting, pocketing money back in. He ends with, "We still believe that some 15% of retail commerce may ultimately move online."…

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