Yea, that's kind of what I am saying, but R&D gets taken out of possible profits, so without the R&D expense, profits will be about 5% of the stock price, putting the PE around 20, although with the latest quarter it looks even better than that. But overall what I was saying was R&D is weighing on GAAP profits, but when it stops weighing on them, sky's the limit.
Without the excessive spending on R&D, the PE would be about 20, maybe less. Unlike what most people think, there is profit at Amazon, it's just retained in a different way. The way Amazon does it allows them to use 100% of their money on growth, tax deferred.