Many who write about Amazon argue the firm’s core assets are its operational capabilities, engineers, or brand. I, on the other hand, would argue that the real reasons Amazon is kicking the collective asses of its competition—and its likely ascent to a trillion dollars in value—are different.7 Similar to the other Four, Amazon’s rise rests on its appeal to our instincts. The other wind at its back is a simple, clear story that has enabled it to raise, and spend, staggering amounts of capital.
