@BradMunchen @InvResDynamics Deja vu. I heard the same arguments about $AMZN in Jan ‘15 when it was $300: Neg FCF, no GAAP profits, worth more than next 8 retailers combined. Over next 3 years, AMZN destroyed its competitors, doubling to $600 by 12/2015, doubling again to $1200 by 12/2017, $2000 by 08/2018.