Amazon has a recent track record of adding new kinds of product & service offerings that (1) people actually want, and (2) pay for. What Facebook offers today f

Amazon has a recent track record of adding new kinds of product & service offerings that (1) people actually want, and (2) pay for. What Facebook offers today for 99% of its users is about the same as it was 4 years ago. And they just give it away to those 99% for free. IIRC advertising and Zynga (another company, not them really) is where Facebook makes most of their money, and there's a lot of anecdotal evidence that Facebook ads don't work and don't get people to buy things. In contrast, Amazon monetizes almost every thing they've developed and invested in, people are throwing money at them, and they're more innovative. And Jeff Bezos is still alive and in charge, whereas Steve Jobs is dead. So yes, I'd expect a much better, more "expectations of future awesomeness" kind of P/E from Amazon than Facebook. And it's much easier to start from scratch and build a functional replacement for Facebook (see Instragram, etc.) than it would be to replace Amazon's offerings. See the recent probably fear-based-buy of Instagram for $1B, etc. Zuck knows this. Zuck has way more things to fear than Bezos.