Amazon’s extreme valuation is just plain irrational exuberance having one more fling. Spasms like this $12 billion gain are absolutely reminiscent of final days before the tech collapse of April-May 2000.
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Amazon is not only hideously over-valued on the stock market. It is also an economic mutant that is destroying wealth and capitalist prosperity because of the perverted incentives for cancerous “growth” at any price that have been fostered by the Fed’s destructive regime of Bubble Finance.
I can’t say it any louder or any clearer: if you haven’t already, get out of the casino while you still can.