Amazon.com Is the Secular Short Of 2012: I believe the market is underestimating the deteriorating underlying business trends, the impact of the secular shift of physical media to digital media along with the competition risk from Apple and Google, and the weak positioning of Amazon’s hardware tablet strategy.
Uneconomic Revenue Goosed by Free Shipping Subsidization
The bull case for Amazon has always been it will continue to grow at rapid rates for the next 3-5 years and if you put some decent operating margin on the out year, you will get fantastic earnings power. However the problem with this argument is the wheels are starting to fall off the wagon.
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