Are You Invested In America’s “Two-Hour Boom”?

Are You Invested In America’s “Two-Hour Boom”?

"It would have to sell every book being sold today to justify its stock price." This ended up becoming one of the most laughable things ever said about Amazon AMZN (AMZN). And this line isn't pulled out of some freebie city newspaper… it's from a 60 Minutes special back in 1999. Amazon's stock price had surged 4, 500% over the past two years. The internet shopping pioneer's sales were soaring triple digits. CBS VIAC and 60 Minutes thought it was one giant bubble. Take a look at Amazon's stock since then. How did a show that prides itself on facts and analysis get is so, so wrong? They couldn't see Amazon's goal was never to create an online bookstore. It was building an entire delivery system for internet shopping. Why is internet shopping so popular? Its "killer feature" is being able to click a button and have the items arrive on your doorstep a few days later. Imagine having to wait two weeks to get your online order? It just wouldn't work. In fact, seven out of 10 Americans think three-day shipping is too slow. Amazon basically invented fast online shipping. It spent hundreds of billions of dollars building warehouses