I agree with what Bezos has been saying and doing, but the main gist of the argument against Amazon is that investors seem to be expecting Amazon to bump prices and margins at some point, completely the opposite of what Bezos has been saying and doing. Perhaps he means what he says, and simply wants to be like a grocery store making 1-2% margins. Now when your revenue is $100 billion a year, that's not a lot of meat to justify high P/E ratios. And just like Apple is experiencing now with having huge revenue rates, eventually your growth will have to taper off.