During a stock market boom some entrepreneurs seem to be pure geniuses. Look at Elon Musk, founder of Tesla, for instance, Jeff Bezos, founder of Amazon, or Reed Hastings, founder of Netflix. In times like these they receive abundant praise. Stock prices rise, accounting “tricks” remain unnoticed, sell-side analysts raise target price after target price, investors cannot believe their luck, and the faces of these fine gentlemen appear on the cover of every important business magazine. Since 2015, a share in Amazon Inc. rose over 150%. Netflix rose in that same period over 140%. I argue that these heroes of today will be the big losers of tomorrow. As soon as the economic tide turns, investors will discover that these companies have been “swimming naked,” as legendary investor Warren Buffett puts it so strikingly. Stock market investors will suffer the losses. In the meanwhile, unexperienced investors are being fooled. What do these investors miss?

Amazon Hides Debt

Investors Do Not Understand Amazon


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