Amazon shows how capex-heavy bets can terrify investors yet compound into fortunes. From 1997-2003, Amazon had over $5 billion in cumulative losses amid relentless infrastructure spends-warehouses, servers, logistics-totaling ~$10B adjusted, or 5-6x annual revenues at peaks. In 1999, Amazon's market cap was approximately $25.7 billion, fell as low as $3.6 billion in 2001 and got ... Read more