You lost money for 20 years to build Amazon. Today's AI startups burn billions with no revenue. How do you tell the difference between a long-term bet and a money pit?
The difference isn't how long you lose money — it's whether every dollar you spend is making the business fundamentally stronger or just keeping you alive.
You're comparing apples to oranges. When Amazon's stock crashed from $113 to $6 during the dot-com bust, I didn't care about the share price. I cared about what happened every single month in the business: customer count went up, repeat pur...