Nobuyuki Idei

I think it's both. In the short run, it's a bubble. It is above what you can justify. But in the long run, it is not a bubble. It is going to bring the real value. The market is reading the future.

I wonder myself and I made a visit to amazon.com in Seattle a few times myself and I talked to Jeff Bezos more than several times and then now, I am completely convinced ... that it's a very different business model. If you are Barnes & Noble with ... 1,000 retail stores ... and if you need one kind of book, you need 1,000 books just for one SKU. At Amazon, you need only one [SKU]. So the productivity is so much better because you have no waste of dead inventory.

In the real world. Even in Japan, there are 25,000 book store; too many owners. In cyberspace, the No.1 company gets 60% market share, 70% market share. Brand really matter and [only] a very small number of players who can really succeed.

If you go to the island, a Treasure Island and you want to look for treasures. What do you want to have? The gun or medicine or food or girlfriend. What is it? Well ... what I want is a map and a compass where I can find that treasure. To me, the map and compass of going forward into the new technology world, where that treasure is buried, navigation to find the treasure. Ziff Davis is the map and compass for me to find Yahoo and so on; which company will be the key company for the cyberspace that's coming.