The chart in the sidebar says it all: http://imgur.com/edKyuSE.png http://imgur.com/edKyuSE.png as long as Amazon are able to generate that type of return on

The chart in the sidebar says it all: http://imgur.com/edKyuSE.png http://imgur.com/edKyuSE.png as long as Amazon are able to generate that type of return on investment at that scale then they should continue to reinvest all their money back into their businesses. The alternative is to bank the money, miss out on the next AWS or Kindle, give nearly half of it to the tax man, leave 60%+ of it offshore waiting for the next repatriation tax holiday, and only then get a return back which you will then invest in another stock that isn't returning as well or just buy more Amazon stock! Google, Microsoft, Apple et al wish they could invest their cash as well - instead they have to listen to hedge fund managers lobby them for buybacks/dividends etc. because they believe they can invest the money better than Google, Microsoft, Apple can. Given the option, i'd re-up with Bezos every year, his ability to innovate, invest and return is staggering and proven. I really think of Amazon as an investment vehicle (like Berkshire) for web commerce with a strong umbrella brand.