In 2001, Amazon's stock had fallen roughly 95% from its peak and many of its dotcom peers were in liquidation. But Amazon had spent 1999 building fulfillment capacity far ahead of demand, expanding from 300,000 square feet to more than five million. When the crash came, that excess capacity gave Amazon optionality. It opened its network to other retailers and independent sellers, turning idle warehouse space into a platform business. Resilience is a growth asset that markets still price as an afterthought. For most of the last century that was defensible: resilience meant surviving disruption, a defensive property rewarded only in hindsight.
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