We are long Shopify (NYSE: SHOP ) as we believe it is the only credible challenger to Amazon’s e-commerce presence. Amazon ( AMZN ) operates a capital-intensive network of fulfillment centers, enabling itself and its third-party sellers rapid fulfillmentI collaborate with Nishant Surapanini MS, MD (2025). We study and select companies who are leaders in their industries, have best-in-class management teams, and opportunities for continued growth. But just as importantly, we identify and avoid poor-quality o ...