What's The Trick?

Some dot-coms are actually making money. And others predict profits this year

When Bob Diener, the president of Hotel Reservations Network, talked to investment bankers last year about taking his company public, they chided him for turning a profit. In their view, his Web site--which helps consumers make discounted hotel reservations--should have been spending millions on marketing to spike sales. "We told them that's not the way we did business," says Diener.

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