Agreed. One way to think of this is to compare it to a startup. You don't value a startup based on earnings, because generally earnings are negative. You inst

Agreed. One way to think of this is to compare it to a startup. You don't value a startup based on earnings, because generally earnings are negative. You instead look at revenue, revenue growth, market penetration, etc. Amazon could be thought of as a giant startup, reinvesting all revenue back into the company rather than taking profits.