Amazon's Wheel of Growth

Here is a chart that shows the growth of Amazon (AMZN) vs. e-commerce (more detail on this in ep1). You can clearly see that in mid-06, a big change occurred. Before that point, Amazon was growing 2-4% slower y/y than e-commerce and then from mid-06 forward, their growth materially accelerated to 20% faster than e-commerce and has kept up that pace for the last two years. This is a really...