Japanese and Korean conglomerates' stocks are usually discounted compared to their parts: their P/B is less than one. This is traditionally seen as a inefficien

Japanese and Korean conglomerates' stocks are usually discounted compared to their parts: their P/B is less than one. This is traditionally seen as a inefficiency tax on their underlying value due to their inability to communicate and mobilize internal structures in an efficient manner. Amazon has achieved what many other conglomerates have failed to do: effectively mobilize and monetize every part of their business. This is something that is nothing short of a miracle are is a testament to their organizational structure and managers, most of Jeff Bezos. One would be hard-pressed to find a large diverse company that is as efficient and well run as Amazon.