The Price of Amazon

The price of Amazon.com stock was very high in the 1990s although the company never earned an economic profit.This demonstrates that:

A) investors' expectations of future profits alone influence the stock prices.
B) the performance of a firm has no bearing on stock prices.
C) stock markets are highly inefficient because investors vary in their risk appetites.
D) speculation based on wishful thinking by investors have a bearing on the stock prices.
E) investor expectations are generally rational.