I just don't get it. Amazon does keep selling more volume, but they keep missing expectations. Plus their operating margins keep getting smaller and smaller, their net income is going down, and this last quarter, they posted a loss. Yet their stock continues to go up? What am I missing? Here are the charts from Zero Hedge. Operating Net Income between 2010 and 2013 Operating margins Stock price compared to earnings If this were 2003, maybe I can see why people would be high on Amazon. But it's 2013, and this stuff has been going on for years. And my questions are, what new advancement is going to allow Amazon to start increasing its margins and subsequently its profits? Or is Amazon's stock price, and the company, in for a rude awakening? Or have the rules of investing change so much that profit is meaningless? Please, someone explain this to me.