The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Amazon.com ( AMZN) has a price-to-earnings ratio of about 140. For gaggles of investors, such a high P/E is reason enough to sell or short the stock.
- Camp One: People who make decisions based on the here and now, and on the hard data that sit in front of them. It's black and white: AMZN has a P/E of 140, so the stock is overvalued and it must one day crash to a more reasonable valuation. Nothing you say can change these people's minds.
- Camp Two: People who can take into account the present yet discount it to consider a longer-term, bigger-picture perspective. Sure, AMZN has a P/E of 140 and a somewhat deteriorating bottom line, but why? Is Jeff Bezos so stupid that he's running this thing into ground? Or is there something bigger and more meaningful at play here?