Although among the FANGs we believe in the Amazon competitive sustainable advantage , the  AMZN stock has a  232 PE. Does this mean , it’s a dead stock ? No, but would n’t be surprised seeing a 30% – 40% off (meaning a still high PE of 120-150), especially if the “High Tech regulation thing” becomes hotter. And If we see 1000 – 1200 USD for AMZN, the overall market decline from its peak could reach 15 – 20% easily. But we have to keep in mind that the excess  liquidity is still there and this money has to find some place to go!