Michael Green's IceFarm Capital may no longer be around [2], but one chart form his final slidedeck is especially relevant for bullish fans of Amazon which today getting tumbling after what appears to have been a relentless climb over the past few years.
Below we show the sources of return for AMZN stock, split between sales growth and multiple expansion. As the chart asks (and answers) the question longs should be asking themselves is whether it is "different this time?"
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