>Ever since Amazon was in its early days, he has said that Amazon was overvalued and he has always been wrong because Amazon has always found new verticals to build and create more value with.
Amazon has been overvalued multiple times.
Amazon stock had negative return 10 years between 1999 - 2009.
It did not. You will have to cherry pick very specific days in this time frame (top of the dot com bubble and bottom of the GFC) to get negative returns. But how about 1998-2008 or 2000-2010?
Here is how $10K invested in AMZN performed in 10 years [1]:
1998 - 2008 $102,134
1999 - 2009 $25,124
2000 - 2010 $23,625
2001 - 2011 $111,229
[1] https://www.portfoliovisualizer.com/backtest-portfolio?s=y&s...
Jan 5, 1999 to Dec 28, 2009, AMZN had an 8.9% annual return.
Jan 5, 1999 to Dec 28, 2008 was -0.52% annual return.
Jan 5, 2000 to Dec 28, 2009 was 6.88% annual return.
But why give a crap about returns during a specific 10 year period? Almost nobody is buying something today to liquidate all of it at a single point in time in the future.