Once upon a time, the bears used to talk about how Amazon the e-retailer was just another retailer in dot-com clothing.

Amazon came along and presented itself as a new kind of retail store leveraging the World Wide Web, one that needed to be valued differently. Not so, the bears roared. Amazon still has distribution centers: physical operations that cost a lot of money to maintain. In time, Amazon grew bigger and bigger and the bears grew quieter – and mostly extinct.

One day, something amazing happened. Amazon turned into the brick and mortar business that the bears had accused it of being all those years ago! Only there weren't any bears around to say we told you so. To insist it be valued the way a dying retail chain should be valued.

Instead, everyone cheered Amazon for a magical transformation that not only surprised them but maybe, just maybe, involves more risk than sense. Nobody wanted to say that, though, because questioning Amazon tends to make people look stupid later on. So everyone acted as if Amazon would live happily ever after...