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Amazon (AMZN) Surges to New Highs on Druckenmiller Blessing

November 4, 2015 1:08 PM EST

Amazon.com (NASDAQ: AMZN) tapped new highs again today. One reason traders are pointing to is comments from legendary investor Stanley Druckenmiller at yesterday's DealBook conference.

Comparing Amazon to IBM (NYSE: IBM), Druckenmiller said Amazon doesn't "give a damn" about quarterly beats or misses pointing to several quarters of misses. Whereas IBM rarely misses with its focus on the short-term. R&D is plunging as a percentage of sales at IBM, while it is surging at Amazon.

"I love Amazon, because they are investing in the future," Druckenmiller said. In addition to the retail operations, he highlighted AWS, which is "ripping to shreds" IBM and others. On questions about margins and profitability at Amazon, he said Bezos can increase margins "anytime he wants" but they are currently focused on growth. On when this will happen he said "I'll probably be dead."

Meanwhile, in the same interview Druckenmiller said he sees a bubble in fed, investor and corporate actions. He is also shorting the Euro again.

Shares of AMZN last traded up 2.9% to $643.30.

Below is the video (about 13:30 minutes in)



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