Scale up, Scale Down

One of the things we discussed ad nauseam on the pods last year was how prepared the consumer and corporations were to enter a recession. The consumer was flush with cash from fiscal stimulus, and businesses were also sitting on a ton of cash after binging on debt in 2021.
I was thinking about this idea while reading Amazon’s 2022 shareholder letter, emphasis mine:
AWS has an $85B annualized revenue run rate, is sti…

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