Benedict Evans:

It seems pretty clear that Amazon is optimising its cashflow to zero: pushing it as low as it is possible to go and still run the business. This is rather like Tim Cook at Apple managing inventory to zero: Amazon manages cashflow and profits to zero.

It’s such a fascinating play.

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    What does it mean that Amazon’s profit margin is zero? Is it a lie? Are they reinvesting it all? Or is it that their...
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