The Amazon Effect

An amazon, through incredible story telling that goes back to the 19 97 shareholder la letter, and their ability to execute against that vision, has resulted in a company that has chillily changed the compact between investors in the markets. They've basely been allowed to go and almost break even for 25 years while becoming the most valuable company in the world. We've never seen a company re investing that sheer amount of capital with zero profitability, and, as a result, zero tax base. And it's also led to this third really weird dynamic is now all company, every company mimics the leader. So we have this company that can re invest not only a gross level, but a net