Netflix has made equally staggering investments over the last decade. The streaming video firms accomplished something only Amazon has managed in recent years: first they achieved a near-zero cost of capital through exceptional storytelling, then they maintained that superpower while shifting from a growth story to a margin story. This is hard. It’s relatively easy to get super-low-cost capital when you’re growing like a weed. The challenge is when the growth peaks and capital markets begin looking at the bottom of the income statement.
