Amazon.com Inc

“Amazon is among the highest-quality businesses globally — three structurally growing profit engines, five mutually reinforcing moats, $139B in annual operating cash flow, and a decade-long reinvestment runway with returns well above cost of capital. The business has low risk of permanent impairment. The constraint is valuation: at $2.85T market cap and sub-0.3% FCF yield, the current price fully embeds the assumption that $130B+ in annual AI/cloud capex converts to defensible, high-margin AWS capacity on the same return profile as prior cycles. Long-term holders face no compelling reason to sell; new buyers should accumulate in tranches and treat a 10-15% pullback to ~$225-240 as the more attractive entry that meaningfully improves the forward IRR.”