Amazon.com Inc (AMZN)

[krk]

I too buy from Amazon and also from Buy.com and other online merchants and just about all the time, I get free shipping (and no sales tax too!) from them all. I am a satified customer of Amazon & many of its online competitors.
But I don't understand why it commands such a premium valuation as in my opinion it faces a few landmines (sales tax going forward and the $269 million Texas sales tax bill), formidable competitors in all its fresh growth areas - cloud, tablets, ebooks, vod etc. and not much of a moat for its bread and butter discount retailing (for example, diapers.com which came out of nowhere and Amazon decided to buy than beat).
Amazon's self-puffery and the investment community's inflated opinion of it's prospects will work to levitate the stock until it won't.