Tempting to think that, but that logistical miracle machine that thus far no one has been able to fully replicate is expensive. Their global operating margin ex-AWS (which is a whole different beast) was 6.8% in Q2. (AWS was 39%)

That's actually not anything phenomenal -- and worse than I thought before I looked it up just now. I can't understand AMZN's stock valuation. They should really spin off AWS to be its own thing.

Their international margins are even worse in isolation, 4.1%. That's not even worth getting out of bed for, just buy some bonds and skip all the drama.

[dead]