This is a familiar argument, but you have to admit there's a lot of wishful thinking involved because Amazon is so opaque about its operations and finances. Be

This is a familiar argument, but you have to admit there's a lot of wishful thinking involved because Amazon is so opaque about its operations and finances. Bezos is basically saying "Trust me." I don't blame people who do, he's an amazing guy. Still, it's interesting to see how widely views about the company can differ, based on apparently rational analysis of exactly the same financial reports. http://seekingalpha.com/author/paulo-santos/articles/symbol/amzn http://seekingalpha.com/author/paulo-santos/articles/symbol/... While this guy seems to have lost his shirt betting against AMZN over the past couple of years, his bearish analyses of its valuation are quite precisely articulated and make interesting reading. Alibaba may eat the 3P revenue: http://seekingalpha.com/article/2263623-this-is-amazon-coms-d-day-and-the-alibaba-troops-are-disembarking http://seekingalpha.com/article/2263623-this-is-amazon-coms-... Amazon.com's profitability decline is structural and tied to its sales mix: http://seekingalpha.com/article/2169003-the-latest-developments-in-the-amazon-com-saga http://seekingalpha.com/article/2169003-the-latest-developme... I wouldn't short this monster, though, at least not until QE ends.