The Last Bubble Standing——Amazon’s Same Day Trip Through The Casino

David Stockman reports:

Amazon’s $250 billion market cap is an out and out bubble. Notwithstanding all the “good things it brings to life” daily, it is not the present day incarnation of General Electric of the 1950s, and for one blindingly obvious reason. It has never made a profit beyond occasional quarterly chump change. And, what’s more, Bezos—– arguably the most maniacal empire builder since Genghis Khan—–apparently has no plan to ever make one.

To be sure, in these waning days of the third great central bank enabled bubble of this century, GAAP net income is a decidedly quaint concept.

An article worth your time.