Jim Cramer says he won't buy Amazon (AMZN) for his charitable trust right now because the online retailer's price-to-earnings ratio is just too high -- and because his trust already owns two other FAANG stocks.

"I want to address why the club has refrained from starting a position Amazon even as you hear me say I like it very much on TV and in my writings on [TheStreet's premium site] Real Money," Cramer said in his latest private monthly call with members of his Action Alerts PLUS club for investors.

"We've held off from adding Amazon in the past because of its expensive earnings multiple," he said. "We don't want to pay up at this current price."

Cramer added that his trust already owns FAANG components -- Apple (AAPL) and Alphabet/Google (GOOGL)  -- making Amazon less important to own. "We have Facebook, we got Amazon. How many of these [FAANG names] can you really own?

But the stockpicker added that he might buy AMZN shares for his trust "if Amazon were to go down big."

To find out what stock Cramer recently added to his trust as an indirect play on Amazon, click here for more information. Subscribers can hear all of his monthly conference calls, get alerts before he makes any trade for his trust and enjoy other exclusive information.

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Action Alerts PLUS, which Jim Cramer co-manages as a charitable trust, is long Apple and Alphabet.

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