paulcraigroberts.org / July 28, 2017
PCR Takes a Look at Today’s “Top Stories”
“Here are today’s top stories on Bloomberg”
“Jeff Bezos briefly overtook Bill Gates as the world’s richest person. A surge in Amazon shares Thursday morning in advance of its earnings report gave Bezos a net worth of $92.3 billion, surpassing the Microsoft founder’s $90.8 billion fortune. In afternoon trading, Bezos remains ranked second on the Bloomberg Billionaires Index. Gates has held the top spot since May 2013.”https://www.bloomberg.com/news/articles/2017-07-27/bezos-surpasses-gates-as-world-s-richest-ahead-of-amazon-results?cmpid=BBD072717_BIZ&utm_medium=email&utm_source=newsletter&utm_term=170727&utm_campaign=bloombergdaily
Amazon’s stock closed yesterday at $1,046 per share. Amazon’s profits do not support this extraordinary price. Apple, a very profitable company, has a share price of $150.56, an overprice itself.
What or who is making Bezos so rich from an online sales company? Note, amazon.com is just sales. It is not some new manufacturing technology that produces valuable output at low cost. amazon.com is what Walmart, Sears, and Macy’s do, the difference being that amazon.com is online and Walmart, Sears, and Macy’s are in physical locations where real merchandise can be experienced hands on and tried on for fit.