Amazon.com, Inc.
Thesis
The investor is bearish on Amazon, questioning its long-term business model as it faces increasing competition and a shift towards digital media. They highlight Amazon's high depreciation rates and significant warehouse costs, suggesting that its current scale does not guarantee profitability. The investor believes that Amazon's growth is funded through negative working capital and stock options, which may not be sustainable in the long run.
Did it work?
Without specific price performance data or a defined time frame for the thesis, it's difficult to assess whether the bearish outlook on Amazon has materialized. The concerns raised about competition, business model sustainability, and cost structure are valid but require time and market response to evaluate their impact. Therefore, the outcome remains uncertain.
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