If you were right, Amazon would be trading at a fraction of what Target, Walmart, Costco, etc. are. Their sales to valuation ratio would be far worse than those companies.

The exact opposite is the case. Shareholders are being extraordinarily patient with Amazon, and Amazon is being rewarded for their long-term thinking with an immense valuation.

I had no idea that Amazon shareholders were patiently waiting for future profits.

That's more or less the only way to justify an infinite P/E ratio.

Which brings the question of: How does Amazon get away with not showing immediate and growing profits while other companies claim they need to do so.

The idea that lack of profit is acceptable while revenue grows, the expectation is that once revenue flattens profits can be unlocked.

I'm sceptical this will ever happen with Amazon.

Meanwhile society benefits from its large economy of scale running on low margin.

I dread the day Amazon will start running significant profits...

Distribution is inherently a low margin business, that's why I don't think they ever will start making significant profits.

They have a pretty consistent record of showing steady revenue growth. That's usually enough to calm investor nerves.