When does Amazon.com come down?

Their P/E is 317.

I put it at 30-40.

That is 1/10th of their current price.

I don’t see them losing 90% of their value. But their stock price has to come down, or at least stagnate for a long time until the P/E becomes more sane.

UPDATE: originally posted on Sept 10, 2012. As of Oct 19, their P/E is 293.

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