Amazon, every mention

Howard Marks & Andrew Marks: Something of Value · Acquired Aug 30, 2022 · 10 mentions

• ▶ 13:36 Andrew Marks Yeah, exactly, and so he sort of talks about the primacy of business model over management, but I think Amazon's a great example of the opposite because
• ▶ 13:46 Andrew Marks You could have never dreamed that if you owned Amazon when the story was about growing as a retailer, you could have never dreamed of AWS.
• ▶ 13:46 Andrew Marks You could have never dreamed that if you owned Amazon when the story was about growing as a retailer, you could have never dreamed of AWS.
• ▶ 14:51 Andrew Marks I think, by the way, one other thing that I would add about Amazon that may be too wonky, but also may be interesting is I think it's also an example of one of the things we sort of talk about in the memo, which is it's hard to just take a…
• ▶ 15:07 Andrew Marks So what people said for the longest time was that Amazon was losing money and could never be profitable.
• ▶ 15:18 Andrew Marks And that came from looking a lot at the income statement and recognizing that they were losing money partially because they were continuing to lower price to achieve scale.
• ▶ 15:28 Andrew Marks But I think what's interesting is they actually had a very favorable cash conversion cycle.
• ▶ 30:13 Andrew Marks And you have companies like Apple and Amazon and Google and Microsoft that just continue to get bigger and bigger, and I think a lot of that comes from the fact that they're just continue to dominate more and more of various markets.
• ▶ 31:48 Andrew Marks I mean, Amazon's a great example of that.
• ▶ 31:50 Andrew Marks They started in books, then they went to media, and then continued on and on and on, and eventually they leveraged their scale into cloud computing and whatever.