Amazon and the "Profitless Business Model" Fallacy
[DISCLOSURE: As always when I write about Amazon, I'll note I worked there from 1997-2004 and that I still own some shares in the company. I still have many friends who work there, though I have no more idea what Amazon is working on now than any of you in the public.] With every quarterly earnings call, my Twitter feed lights up with jokes about how Amazon continues to grow its revenue and make no profits and how trusting investors continue to rewards the company for it. The apotheosis of that