Jay Hatfield

And we think it's underappreciated.

It includes advertising, which is really a cost offset.

So that's the biggest reason we're bullish on AWS and Amazon, because they do have a little bit of a disadvantage because they're an incumbent and everybody else is pouring money into cloud service business.

So they have strong competitors there.

but an underappreciated retail business with a lot of upside on profitability.