I kind of want to shed a little tear, because I agree with everything my formidable Foolish dueling adversary Anders Bylund says about Amazon.com
A quick check of the usual valuation metrics for Amazon simply makes me stop in my tracks. It's trading at 106 times earnings, and about 50 times forward earnings. It's got a PEG ratio hovering around 3. Compare that to some comparable Internet giants. eBay
The very fact that Amazon is such a visionary company tends to provide opportunities for investors to fret; every once in a while investors seem to convince themselves that Amazon is nothing more than an old-school, bricks-and-mortar retailer and will grow like one in its more mature years, another Wal-Mart
True, the past isn't necessarily prologue (and who knows what will happen with the rocket ships), but it just seems like some of these abrupt changes are common for Amazon. And so I remain a reluctant Amazon bear -- one who's just waiting for a much more reasonable price to love this stock again.