Amazon stock is going nuts in after hours on blowout earnings, defying the pessimists who keep insisting it’s overvalued.
83933463 shares times a $70 gain, take the log…that’s another $6 billion or so for CEO Jeff Bezos in the span of about 10 minutes.
Whether it’s global warming or economic crisis, people who predict doom and gloom are losers. If they are right it’s because of luck, not any skill. They just sit around all day, pontificating about things that will likely never happen.
Amazon isn’t just selling stuff online, it’s building an entire infrastructure (both digital and physical) that may eventually run the world. In the not-so-distant future, 99% of commerce and information may flow through maybe only a dozen companies, of which Amazon, Google, and Facebook will be the biggest players.
And its not just Amazon going up, those web 2.0 valuations are rising, too. And it’s got much further to go.
This could be the technological rapture or ‘exit’ techno libertarians talk about. Right now Silicon Valley, with it’s surging real estate prices and new found wealth, has become further economically and socially detached from the rest of the country. Same for Wall St. & Manhattan, too. Both regions, the east coast and the west coast, flooded with intellectual and financial capital, meanwhile as the left still insists the economy is weak. The regions that are falling behind or stagnant don’t matter that much, sorry to say. People out of work…people with liberal arts degrees unable to find good jobs…they are specks of dust in the grand scheme of things, economically speaking. That’s the kind of economy we live in…where the most productive and useful 5% can compensate for the majority, who are dead weight or close to it.
Related: Wealth Creation Orgy