AMAZON PROFITS….Yesterday Amazon reported fourth quarter results: revenues of $1.4 billion ? up from last year ? and a tiny profit of $3 million ? down from last year. And of course there was also the usual “pro forma” malarky: we would have earned $75 million if we didn’t have to, you know, follow normal accounting rules and all.

This has gotten ridiculous. Amazon is the biggest and most successful of the Internet retailers, and yet they can’t show more than a microscopic profit at an annual run rate of nearly $6 billion. If you can’t manage a profit at that level, when can you?