[bryanlarsen]

5X is worse case, it's 15X in dollar terms, but an equivalent investment in Dow would be almost 3X so thus the discount.

It's also worse case because it assumes you buy at the $107 peak. It didn't spend much time above $100...

[JumpCrisscross]

Buying Amazon in the 90s is analogous to buying Berkshire in the 70s. It would have taken a prescient and outsized allocation decision which, ex ante, would have been difficult to justify.

[bryanlarsen]

A very large number of people were buying Amazon and the other internet stocks in the 90s. If not, there wouldn't have been a bubble. The part requiring the magic genie would be not selling it for the next 20 years... :)