This seems like a common misconception. Amazon's PE (and earnings in general) are terrible because they don't care about earnings at this point in their life; t

This seems like a common misconception. Amazon's PE (and earnings in general) are terrible because they don't care about earnings at this point in their life; they are growing far too quickly in far too big a market to stop to take earnings. Slides 45-47 from this A16Z presentation illustrate this pretty well: http://www.slideshare.net/a16z/mew-a16z http://www.slideshare.net/a16z/mew-a16z Also, your assertion that Amazon is 'not really growing' doesn't really make sense or fit with any publicly-available data I can think of.