Hapi: the periods of the Fe's easy money is when the games happen: we are right in the middle of outright printing of money every month
when that is happening, you can sell the story withotu earnings. If earnings trumped the money printing of Bernanke wichi is now over $3.1 trillion , AMZN wouldn't trade at 275/shr with none of them When Bernanke has a $800 billion balance sheet in 2008-9 , AMZN was expensive at about 40-50 times earnings but that was at a stock base of about 50-100. So you see how important the Bernanke printing is to the analyst /media story. It's not coincidence, it's correlated. And Bernanke shows no signs of letting up on the $85 billion a month of bond buying. In turn,, that money for bonds is circulated to the banks to sell these stories and take everything higher. Money printed has to go somewhere: earnings backed or not.
What it's also doing is helping Bezos become the richest person in the world on the back of Bernanke's printing and he doesn't even have to show earnings to get there. Not bad to be Bezos having such Fed backiing now is it?