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> For instance share buybacks, dividends, mergers and acquisitions, companies can pay back capital

Where will the money for all of this come from ?

Why the comparison to real estate ? Is your argument that assets held by Amazon will appreciate somehow in the future ? If so which ones ?

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Revenue is the top line, net profit is the bottom line. There are many ways to get money out of a company which come before the net profit line in an income statement. Companies can also spin off parts of them in many different ways. The only thing I'm stating that P/E is often the wrong number to look at in a company.

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