Our report for Amazon is updated and rated Speculative (lower) Buy at $1800. Historically, Amazon traded at extremely high multiples of earnings. In the past two years or so the P/E has come down but is still very high. It’s quite possible that GAAP earnings understate its “true” economic earnings but, if so, I can’t say by how much. I added Amazon to the site a few years ago because I wanted to try to understand its valuation. It’s always had huge sales growth and is a juggernaut in the economy. Despite the high P/E it seems reasonable to have at least a small exposure to it. And note that there were opportunities to buy after big dips in the past year. Perhaps there will be future dips as well.