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In 1999, Jeff Bezos was doing something that drove Wall Street absolutely crazy.
Amazon.com, Inc. (AMZN) was already a public company. And it was already capable of producing profits – if Bezos had wanted to. But instead, he kept aggressively reinvesting. Instead of worrying about profits, he was building warehouses, distribution infrastructure, and technology systems.
Every quarter, the margins that should have been there weren’t, because every dollar was going right back into the Amazon machine.
Analysts were furious. Where are the profits? What exactly are we owning here?
