Amazon Blasts To New All-Time High Of $700 A Share!

[image url="http://static.businessinsider.com/image/337a6c79c1fbed48ef3fff00/image.jpg" link="lightbox" caption="" source="" alt="henryblodget large" align="left" size="xlarge" nocrop="true" clear="true"]
OK, OK, it took about a decade longer than I would have hoped. But I’m happy to say that Amazon (AMZN) has finally hit a new all-time high of $116 a share.

The previous highest close, back in 2000, was about $105 a share.

How does all this compare to that infamous $400 target I put on the stock a thousand years ago?  (1998)

OK, actually. 

$400 in 1998 is the equivalent of $67 in today’s split.

Today’s $116, meanwhile, is the equivalent of $700 in the 1998 split.

So Amazon just blasted through $700 a share!

(No, I didn’t expect this to take a decade.  Yes, a lot of other stocks I liked in those days trade for pennies.   No, I don’t think this redeems me.  Yes, I’m happy that Amazon didn’t end up road kill.)

In any event, I’m quietly raising a glass to the brilliant Jeff Bezos & Co. for building one of the most enduring franchises of the early Internet years.  And I’m hoping the company can navigate the next challenge: The collapse of physical media sales that constitute half the business…

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