Valuing non-profitable companies is a difficult and risky business. If I were presented $AMZN as an investment opportunity 20 years back with today's finance knowledge (I was 9 years old) I would pass as the company would not fit my key criteria. Does it mean if you did not buy 20 years ago, you should not today? Absolutely not, the investment thesis has changed and so has my view.
the difference was the length of time Amazon was given to continue building...I can't think of any other major company that had such a long run way given to it by the Street.
And then, of course, were you buying AMZN when the only important line of business was selling books? Out of the blue, AWS was a savior, along with recent adds from advertising and streaming...but how much value did you place in those back in the day? Be careful to not confuse blind luck with foresight...
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