I buy a lot of things on Amazon.com (NASDAQ:AMZN), but the one thing I just can't buy is Rich's bearish argument. He argues that Amazon is overvalued because its stock hasn't appreciated by a whole lot over the past year. Isn't that the argument usually bestowed on an undervalued company? Especially after its growth has outpaced the recent share gains? And yet, my Galileo-loving Fool, it does move.

Rich takes the leading e-tailer to task for how it stacks up against certain earnings-based metrics, but let's be frank here. This was a company that didn't turn a profit until the summer of 2002. It hasn't looked back since, but the current snapshot is as blurry as it is unreliable. You can't judge a book by its cover, and you can't judge a bookseller by the cover of its financial statements when fatter margins and wider profits are on the way.

Is Amazon overpriced as a retailer or underpriced as a virtual landlord, edgy search engine, popular content site, visible online auctioneer, and obvious digital media merchant? Stack up the company against others like Google (NASDAQ:GOOG), Motley Fool Stock Advisor pick eBay (NASDAQ:EBAY), and Motley FoolRule Breakers pick CNET (NASDAQ:CNET), and Amazon, which is also a Stock Advisor pick, looks cheaper than some of the marked-down goodies at the Amazon.com outlet.

Rich opened with a little Winnie-the-Pooh, and I'll end with a little more.

Sorry, Eeyore, this Tigger's got bounce.

Wait! You're not done. This is just a quarter of the Duel! Don't miss the Bull and Bear opening arguments and the Bear rebuttal. Even when you're done, you're still not done. You can vote and let us know who you think won this Duel.

Fool contributor Rick Munarriz relishes being the understudy for Mr. Brightside. He does not own shares in any of the companies in this rebuttal. He is also part of the Motley Fool Rule Breakers analytical team, scouring sectors like online retail to find the next ultimate growth stock. You can find out more with arisk-free trial subscription. The Fool has a disclosure policy.