Consumer businesses that have migrated to digital direct-to-consumer business models were notably strong performers. Amazon (AMZN, Financial) has operated in this mode for years, and its relevance and dominance became even more apparent. We believe that Amazon continues to benefit from economies of scale and its platform-based business model. The AWS web services business is a significant additional driver of revenue and profit for Amazon.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund 2020 annual report.
