For much of Amazon&#x27;s history, it was lucky to get a 1 to 1 sales to valuation ratio. Amazon&#x27;s early participation in the dotcom bubble, the money they raised then, funded its ability to survive the drought years afterward. Their stock was net flat for nearly a decade. The market weakness in 2008 for example, pushed their market value below where it was at times in 1998. Between 1998 and 2008 their sales went from $20 million to $20 billion and their valuation didn&#x27;t change much.<p>What are Flipkart&#x27;s sales today? You can expect it won&#x27;t be worth dramatically more than its recent peak, years from now - and that&#x27;s the good outcome. It&#x27;s the routine outcome of extremely high valuations; to the extent they&#x27;re too high, is the extent to which they pull future returns forward.