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$AMZN · Amazon

My position since Aug 2009 · 4 buys and 3 sells · still held · E-commerce

What the pick did

78×

The stock in pounds, while I held it; 64× in dollars

S&P 500, same time13×

What my money did

2.2×

Pounds back (sold, still held and dividends) for every pound in, after costs

Sold · 2% of the money in33×

Still held · 98% of the money in1.4×

S&P 500, same buys and sells1.4×

Every decision

26 February 2026Bought
Very cheap on a EV/OCF basis, market is pessimistic on their capex investment in AI infrastructure, I disagree
14 January 2026Bought
Ads revenue growing nicely, warehouse and delivery automation are going to be a massive boost to margins
23 May 2025Bought
Adding to AMZN has been on my todo list for some time now, but I don't think I'm going to see a much better price - unless the ass totally falls out of the market on the back of this week's failed bond auction, and the now materially higher risk of a US debt crisis. Just adding a nibble, as AMZN is underweight at a current 2.5% allocation for me, and so in the round, I think I'm happy to add to this whichever way the economy goes over the next six months
25 September 2024Sold
No note
24 July 2019Sold
No note
3 August 2016Sold
No note
14 August 2009Bought
No note

On the podcast and in writing

In percentages and multiples, as one portfolio. Past performance is not a guide to future returns. Nothing here is financial advice, and I may buy or sell at any time.