You're on target @ $20, but WHEN is the question. Sometime in the future, at a 20 PE $100 Amazon will need to net $5/share or $125 million/year. Is this possible within an industry that has no barriers of entry and commodity pricing? Is this possible for a company with few competitive advantages except brand preference based only on being first in the market? If you know WHEN let me know, so I can make a few dollars also.