NEW YORK (TheStreet) - If Microsoft's (MSFT - Get Report) earnings multiple was as high as Amazon's (AMZN - Get Report), Microsoft would trade for over $800 and would still have a lower risk because at least it pays a dividend.
Face it, Amazon could take another decade before returning a reasonable return on assets in relation to its share price, and it will probably require a sub $100 stock price to make it happen.
You have to give Amazon CEO Jeff Bezos credit for creating a world-class online shopping experience and convincing shareholders that profits aren't important. He's redefined investor delayed gratification and replaced it with a "maybe someday before you die if you're lucky" approach.
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