Siege of the Idea Dinner — Acquired, May 2022<br>The siege line<br>Height and size = total return since May 4, 2022 · quotes as of Aug 10, 2026, 12:33 AM

Pitch-day price · 0%<br>S&P 500 +80%<br>+118%AMZN+78%SNOW+18%COIN-57%OPEN

David RosenthalAmazonImpregnable citadelMario GabrieleSnowflakeFortified castleBen GilbertCoinbaseBattered keepPacky McCormickOpendoorRuins

The pitch<br>#1 of 4 · Impregnable citadel<br>Pitch close$125.93<br>Today$274.48<br>Return+118.0%<br>vs S&P+37.7%

$470B of trailing revenue — second highest any company has ever done — at a $1.25T market cap. That is 2.5x revenue.<br>AWS grows 37% on a $75B base with over a third of cloud share. Azure and Google Cloud grow faster but are smaller combined. The bear case is utterly ridiculous.<br>Retail at zero misses the point. Advertising, the card, Buy with Prime are all high margin. Retail loses money because Amazon invests years ahead of the curve.

"I cannot imagine any other asset I would rather own, period, anywhere."

Stated horizonWhat will not change<br>Applause meter8 of 10, notched to 7 for the home crowd<br>Multiple on money2.18x<br>FortificationMoat, curtain walls, torches lit

Standings<br>Total return, no dividends<br>Total return of each Idea Dinner pick since May 4, 2022, compared with the S&P 500PickPitchNowMoMReturnAMZNAmazonDavid Rosenthal · Impregnable citadel$125.93$274.482.18x+118.0%SNOWSnowflakeMario Gabriele · Fortified castle$186.00$330.491.78x+77.7%COINCoinbaseBen Gilbert · Battered keep$130.15$153.601.18x+18.0%OPENOpendoorPacky McCormick · Ruins$8.02$3.490.43x-56.5%SPYS&P 500Benchmark · buy and hold$429.06$773.261.80x+80.2%<br>Prices are split-adjusted closes from the pitch session and the latest regular-market quote. Not investment advice — it never was.