E-COMMERCE IS DEAD TOM SIEBEL CEO, Siebel Systems THE CAPITAL MARKETS HAD IT ALL WRONG FUNDAMENTAL FORCES ARE AT WORK MANY INDUSTRIES EXPERIENCING A REDEFINITION OF COMPETITIVE BOUNDARIES MASSIVE REDISTRIBUTION OF THE MARGIN POOL IS OCCURING EXPLOSIVE GROWTH IN ONLINE RETAILING CONTINUES CATALOGUERS ARE WINNING ADVANTAGE INCUMBENTS RENAISSANCE OF THE FUNDAMENTALS THE VAST MAJORITY OF CHANGE AND TRANSFORMATION LIES AHEAD A PERSPECTIVE ON OPPORTUNITIES IN REAL ESTATE ......