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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)
$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…