Shares of Amazon.com, Inc. (AMZN), the world's largest online retailer, fell 16% due to weaker than anticipated revenue growth in the fourth quarter of 2013. We expect the company to improve growth rates going forward. Amazon continues to expand into large new growth markets, including apparel, consumer product goods, consumer electronics, grocery, and Amazon Web Services. Given that e-commerce still represents less than 10% of retail sales today, we believe that the ongoing shift to online retailing represents a multi-year growth opportunity from which Amazon should benefit.
From Baron Funds' first quarter 2014 commentary.