They've already made shareholders a lot of money. Future returns have been pulled forward substantially. The stock should have been sold by now, the returns to be had on the stock are in the past.

Even being generous and giving Amazon a future 20 pe ratio, at the recent highs, would require roughly $9 billion in profit. Once again being generous and assuming they can ever reach a 5% net income margin, they need $180+ billion in sales. Let's recalculate for a 15 pe ratio and 3.5% net income margin: $342 billion in sales (that's the Walmart scenario).

The stock has nowhere to go for a decade from the recent $400x levels. The party is over.