Amazon.com, Inc. (AMZN)

He continues to recommend holding this. They are changing how things are done in the world. They have above 20% ROE and growth in revenues. They recommend it as a buy.

All tech HAS pulled back in the past two weeks. It's a secular leader in a secular theme. Give it the benefit of the doubt. Amazon is nowhere close to stopping its momentum.

He sold it this summer due to FANG concerns. It's had a great run in recent years. He had feared it could fall below $1,800, though a push to the upside is still possible. Maybe sell half and put a stop at the current level.

AMAZON or GOOGLE? Neither. As a value investor, he can't justify the high valuations of the FANG stocks. Value will become more important in the coming years. Momentum has had its day. These stocks can be vulnerable.

It is a great company. He is a value investor so does not over pay for what people are predicting in the future. They have razor thin margins. He thinks today the company has to be perfect going forward to justify this price.

Amazing company to watch to see how it went from selling books to basically everything and eventually run everything given the way it goes. As long as the investors agree with management to look at growth as opposed to short-term earnings and cash flow then they will continue to execute their strategy and disrupt areas. He thinks that a risk is if they fail in one or two areas they enter. That would be the time to take a second look.

She is a value-based investor and it is hard to justify the valuation of Amazon at this level. Everyone who has owned Amazon has done well. The company keeps finding new areas to grow into, which is essential for a momentum-driven stock.

In the short term, their earnings will be the biggest factor to watch. He would consider getting into it before the earnings report. Longer term, it is a great holding as it is a real “interrupting” company.

This is the iconic company of the 21st century. You can't have a discussion about retail without talking about Amazon. However, the debate inside his company is whether this great company is a great stock. It is hard to measure its profitability now and in its future, and therefore hard to determine whether its price is high or low. They don't make a profit, they may never pay dividends or buy back shares. Normally, shareholders buy a stock to gain a piece of the company's profits, which come back to the shareholder in some way. Amazon operates outside of this model. The jury is out, for him, as to whether this is a good stock or not.

Has a magnificent valuation, over 22 times book value, with a PE of 104. This is practically a dead giveaway on the street. $1500 would be a sell signal but it could have an upside of $1900. It has had some spectacular wipeouts along the way since inception. The stock comes back quite quickly and then it drives on. At some point it will wipe out but it is destroying the retail industry right now. He thinks the growth will continue right now.

This is his largest position in the portfolio. His target price is $1875 over the next 12 months. This is the poster child for consumer services. They had great Q1 earnings including cloud applications. Amazon web-services owns 70-75% of the cloud services sector he estimates, which acts as a great cash cow.

The hype around this company is disconcerting. He wonders if they will be able to execute on what they promise. At these valuations, it is not something he would recommend to clients. A company this big will have a very difficult time doubling in value. Market cap is $780 billion – bigger than the Swedish GDP.

There are many strong catalysts going forward: their Cloud, Amazon Prime and, especially now, advertising segments. A solid stock.

Continue to hold it. It has been a rocket of a stock. You could take a little profit of 5% whenever it makes you 20%. There is a moat they are creating across North America. They get products from the manufacturer to the consumer and take out several middle men who each take 20% margin, saving the consumer money. They have a vast number of prime members who get music and movies from them. The company is doing good things. They are getting into advertizing. Alexa will understand how you live and work. You would see massive earnings if they pulled out all their cap-X.

It's the ultimate disruptor. We all use Amazon a lot more. He watches this stock closely. Could this be a dip and a time to buy? Trump's anti-Amazon tweets are just noise. There's a lot going on in the tech world and Amazon will benefit.
173X forward earnings, and that's likely why he doesn't own it.