This seems like a common misconception. Amazon's PE (and earnings in general) are terrible because they don't care about earnings at this point in their life; they are growing far too quickly in far too big a market to stop to take earnings. Slides 45-47 from this A16Z presentation illustrate this pretty well: http://www.slideshare.net/a16z/mew-a16z
Also, your assertion that Amazon is 'not really growing' doesn't really make sense or fit with any publicly-available data I can think of.
Considering the expectations implied by Amazon's stock price, are you sure it's a common misconception? Surely if the misconception was common, the valuation metrics would be much lower?
Also, your assertion that Amazon is 'not really growing' doesn't really make sense or fit with any publicly-available data I can think of.