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It is almost as if the market is focused on: (1) absolute dollar free cash flow (which is a fact) versus earnings (which is an opinion) and (2) total addressable market (TAM). AAPL and AMZN both have very attractive absolute dollar free cash flow and TAM.
"Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that.” “When forced to choose between GAAP and maximizing the present value of future cash flows, we’ll take the cash flows.” Jeff Bezos google.com/amp/s/25iq.com…
"At shareholder meetings someone would ask about earnings, and I’d say, ‘I think you’re in the wrong meeting.’ That’s the wrong metric. If you start generating earnings you’ve stopped growing and the government is now participating in your growth metric.” google.com/amp/s/25iq.com…
