Amazon made $588 million in profits in 2004 on $7 billion in sales. This past year they made $596 million in profits on $107 billion in sales. Dumbass investors have rewarded its 0% profit growth over the last 11 years by driving the stock from $50 per share in 2004 to $586 per share today. And this is after a $54 plunge last week. This juggernaut has a PE ratio of 473. Amazon is proof that bullshit sells on Wall Street and Main Street. Bezos has been saying he’ll make it up on volume for 11 years, but it never seems to happen.
This post was published at The Burning Platform on 31st January 2016.