Amazon has never made a profit. They laid off 1,300 people in January. Their stock dropped from $106 to $8. Analysts are saying they'll go bankrupt by end of year. Am I crazy for still buying books there?

Amazon is different from Pets.com or Webvan. They actually have a real business — people buy things, things get shipped. The logistics network they've built is worth something.

Bezos said in the shareholder letter that they'd turn profitable in Q4 2001. Whether you believe him is another question.

I think they survive. The convenience is too good. Once you have an Amazon account you never want to go back to searching bookstores.