By Alan Murray and Geoffrey Smith
October 12, 2017

Good morning.

Does Amazon have an unfair advantage in the marketplace?

That’s the argument NYU Stern professor Scott Galloway (author of the new book The Four) makes in this video published yesterday on Business Insider. Galloway’s argument is that the stock market keeps bidding up Amazon’s stock, irrespective of profits, and as a result they have “access to cheaper capital than any company in history. Amazon can now borrow money for less than the cost (at which) the Chinese can borrow money. …Effectively, this company is playing unfair, and winning.”

Unfair? Hard to blame Amazon because investors are throwing money at it. But winning? Yes indeed. And it is increasingly an uphill battle for others to compete.

Fortune’s Most Powerful Women conference yesterday featured two women—Rebecca Minkoff, founder of her eponymous fashion retailer, and Kristen Green, a general partner at Forerunner Venture—who are valiantly trying. Both talked about how they are combining online and in-store experiences. Stores increasingly incorporate technology as part of the shopping experience. And store associates are being given commissions for online sales that occur within six months after they help a customer. Green said “e-commerce” is no longer a word they use at Forerunner: “We call it commerce.”

You can read more news from the conference here, including a report on my interview with Sally Yates, who served as acting Attorney General for 10 wild days in January.

Other news below.

Alan Murray
@alansmurray
alan.murray@fortune.com

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