I forgot to reply to
"Actually despite what we think, the investors are happy and stocks are up."
Admittedly I haven't bothered to check recently but the last time I looked ebay's Major Shareholders were corporate investors, Wealth Management, Asset Management Funds etc. who also qualify as major shareholders in amazon, etsy, paypal and other dominant corporations in the on-line commerce sector. Naturally they would be, they have Trillions to play with.
But IMO, they are all as far removed from the nuts and bolts of how or why the commerce platforms work as ebay execs. are and all they are interested in is the quarterly statements and bottom line economics. Moreover they don't really care because if ebay is "up" and etsy is "down", as long as their own bottom line spreadsheets show an overall increase they are "up". That's ALL that counts.
They have little interest in how ebay gives them the returns they get, as long as they come up to the levels they demand for their own bottom lines to look healthy.
After the '08 banking crisis there was talk about "Wall St. versus Main St." and how the demands of Wall St. was killing viable businesses. They're still doing it. The Wall St. tail wagging the real economy dog. Ebay does what Wall St. demands, how that affects the rest of us doesn't come into the equation, ALL that counts is that the share price and dividend pay-outs LOOK good on the spreadsheet.... for now.
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