While reading Amazon’s annual letter, written by CEO Andy Jassy, I could not shake the thought of the 1960’s conglomerate bloom. The conglomerate boom coincided with an easy credit, low interest environment against the tailwinds of a postwar baby boom. This boom is similar in many respects to the economic cycle that began in 2009 and peaked in 2021. The recent cycle included the influence of the millennial generation entering the labor force en masse.
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