Amazon has been one of the “It” stocks for the last decade. It has had an epic run. If we were to look at Amazon from a 1st level thinking perspective, the conventional thinking behind buying Amazon is that they are disrupting retail. Any space Amazon enters, be it grocery, streaming, pharmaceutical drugs, diapers is met with fear and doom by the existing players. 1st level thinking would tell us that in the future we will shop at Amazon only. I would consider Amazon to be a Fear of Missing Out or FOMO stock. Many have missed the moves up and feel compelled to jump aboard so they won’t miss out. In this episode I try to take a look at Amazon from a 2nd level thinking perspective.