[User23]

Amazon is valued based on the implicit assumption that Bezos is a Buffet tier investing genius. So far, that assumption has held. The main difference is that Bezos invents new businesses in addition to buying them. Nobody is arguing that retail isn't a big part of their business, but it was only ever meant to be the bootstrap. It's incredibly rare to see such executive and entrepreneurial skill combined in the same individual.

[eloff]

Yes, this is my take on it as well. They're betting he can keep growing at 20% for many years to come, which would be almost unprecedented for a company of that size and age.