The market has given Booktopia another big whack today on news of a search commencing for a new CEO and financial update. They're down 25% today and a whopping 85% from 12 month highs. I had a bit of a look at them sometime after listing and credit where it's due - they weren't nearly as bad as I feared! They manage to sell a lot of books, which is kind of the name of the game. Even today's somewhat disappointing update shows they're still growing the top line, just not profitably. For me it came down to the fact that they're selling a commodity in a highly competitive industry - so what was their sustainable differentiator? I couldn't really see one so have steered clear.