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.
Yes, but many of the stocks SWZ holds went lower 10-15% in Switzerland following the news. In the US, we do have a positive effect from currency conversion but negative effect from lower stock price in Switzerland. Initially it looks like it balances to a nominal effect. As time goes on you may be right that fears over export sales may be overblown.