I’m not buying into anything but investors are. Amazon isn’t profitable. It’s not to avoid paying tax, it’s to reinvest. And because investors don’t care about profits in amazon it makes bezos the richest man. This doesn’t have anything to do with my initial comment though. Amazon is cheap because it pushes costs down in every area. Including workers. And consumers like that.
From my POV the most productive growth amazon can make as a company would be engaging in better ESG practices There are forms of capital outside of material assets and intellectual property.
Amazon is losing human capital (tbray as a high profile example, but I am sure he's the tip of an invisible and silent iceberg)
Amazon is losing brand capital which will hit the bottom line (ethical consumption is an ever increasing trend)
Amazon will continue to irk Governments with its lack of respect for sovereignty laws (tax in particular, but also labour and monopoly).