AMZN is an attractive long-term investment due to strong fundamentals (AWS, ads, logistics) and high-return AI capex, outweighing current free cash flow weakness.

I mean, even Amazon, when Amazon's stock dropped to 200, that was a great opportunity. We view Amazon as a good business as far as it can be in terms of the future and the assets they have, if you think about it. You naturally have retail operations , but AWS is the crown jewel. You have an advertising business that is larger than YouTube and growing rapidly, and it is ideally positioned thanks to its current location. You now have them entering the third-party logistics field , competing with UPS and FedEx, and there are many different ways for them to win, if you look at the rating . Yes, free cash flow is under severe pressure. So, in terms of the price-to-free cash flow ratio, it would look terrible. But this is money from which they will make a great return, according to our estimates. I mean, if I were the CEO of Amazon, I would want to invest a lot in this because the reality is that artificial intelligence is very good. It is that strong . I was skeptical, but the more I delved into it and saw what you could do with it, the more I realized it really was . I mean, there are very high limits to what they will be able to sell in terms of computing power and things like that . So, I thought that was attractive.