There is no "investment" justification for this stock price... PERIOD. This stock's low "public" float and wall street favor contributes to it's unjustified valuation. NOTE: You don't get any negative stories on CNBC or other outlets about AMZN. This stock behaves like CRM as well. Even though they are tremndously over-valued, they just won't go down and stay down until some wall street entity with enough "juice" decides its time. Until then we can only be prepared to take advantage of the fall by watching and waiting for that moment.
Again, this is precisely why retail investors will continue pulling money from the market every week, despite why any CNBC pundit says about stocks being a better investment. WS shows on a consistent basis that it isn't willing to do the right thing. It would be one thing if QE raised all valuations, but that isn't what is happening. In fact, the disconnect increases every day and the spread in the risk adjusted return (especially including reinvested dividends) has gotten insane.