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Howard Marks & Andrew Marks: Something of Value

Acquired

Is Amazon Losing Money and Can't Be Profitable?

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Amazon.com had a very favorable cash conversion cycle, so the business was much more sound from a free cash flow perspective than it was from an income state perspective. The value investor wants to maximize cashflow and profits, EPS, but the growth investor sees losses sometimes as the right thing in the interest of the future. So that's in a very, very important divergence, but also very often not.

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