Subject: Re: Amazon
I sense little indication of a level of panic/fear/exhaustion commensurate with the degree of risk confronting us in the immediate future. If I'm wrong, that's fine. I already possess something invaluable: enough.

1. If you are observing the fear in the environment (you are observing the investing community's fear broadly, including belief notions such things getting much worse down the track), then it is by definition already priced in.

2. If you are are fearful yourself markedly more than most investors as far as you can observe, and you have strong arguments for what you are afraid of as being more economically consequential than most others comprehend - then you have a case to be sceptical about buying anything now.

I am not supposing that 2 isn't the case, but it is important to understand the distinction.

- Manlobbi