Full Disclaimer: Anyone who has read my blog and my Twitter (@capmanifesto) knows I am shorting Amazon. I shorted at $245.50 (average because I shorted twice) and I am in the red quite a bit of money. I am not at all concerned as I have explained in previous posts. Amazon is a great company with not so great financials and a terrible valuation. Anyway you cut it, it’s not a company worth 140 times the average income of 2009-2011 (2012 isn’t done yet but the last twelve months have produced $40MM in profit which puts Amazon at 3000 times earnings).
Apple, today, didn’t hit revenue estimates but it hit profit estimates. So what happened after hours? The stock fell 10%. That’s over $50billion in value lost! Let’s look at Apple’s income statement since 2003.
What insane growth is that!?!? In 2003, the compan...
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