When It Comes to Amazon, I Couldn't Disagree More with David Stockman

Reagan-era Budget Director David Stockman rocked markets Monday with a note to clients calling Amazon.com Inc. a bubble, saying the company is "set for a spectacular collapse."

Then he went on to say that a tech crash is "imminent," and that the company most at risk is Amazon because it hasn't invented anything "explosively new like the iPhone or personal computer."

Precisely.

Amazon is not a Reagan-era company, so measuring it today using criteria that applied 35 years ago completely misses...

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