[nakedlunch]

What I’m trying to point out (maybe I did a bad job!) is that it doesn’t make sense to try to run the numbers of how long it would take to return an investment in purchasing Amazon in profit, considering if returning investment capital in profits was Amazon’s goal they would behave in a profit maximising way rather than a growth maximising way. I just don’t think it’s the right question to ask (how long would it take to pay off buying Amazon from Amazon’s current profit margins) because the answer wouldn’t tell you anything interesting about how to value Amazon.

[isoskeles]

> …company's profits year after year, after subtracting all amounts reinvested in the business…

This does not mean the business will chase profits instead of growth.

I believe he’s paraphrasing value investing as described by Warren Buffett. I’d guess other investors have said the same thing although Buffett is quite well-known.