The VALUEx investment conference I hosted last month in Vail, Colorado started with a presentation by Josh Tarasoff, a general partner at Greenlea Lane Capital, whose long-stock idea was Amazon at the time trading at a modest 179 times trailing earnings. The rich valuation was not lost on Josh. In fact, this was a perfect presentation to start the conference, as the theme of the conference was to challenge our thinking, that is to borrow a line from Apple to think different. Amazon is one of the best-managed and most innovative companies in the U.S., if not globally. It constantly pushes the boundaries of what it is. It went into cloud hosting because it felt it had unique expertise running its own enormous website, and now Amazon is going into supply it will ship goods to you if you run a retail operation.