Describing Amazon.com (AMZN) as an overvalued stock, which I’ve often seen, is about as sensible as criticizing the New York Yankees for never having beaten the Pittsburgh Steelers.

Case in point: The November 13 Seeking Alpha article entitled Amazon-Sized Craziess, wherein Anthony Davian goes through a long recitation on Ben Graham and Mr. Market (if you’re unfamiliar with the latter allegory, Davian summarizes it well) and how he wound up sticking with AMZN despite its exorbitant valuation. I like his conclusion, I like AMZN (though I don’t own it right now), but feel a need to address the pat on the back the author gave himself for having stuck with AMZN despite warnings by the value police, as well as the misplaced attitude of the latter.

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