Kevin O'Leary Willing To Go Contrarian On Amazon

Kevin O'Leary is best known for being the ruthless, business savvy investor on the hit reality show "Shark Tank." He also oversees an investment management firm.

On Tuesday, O'Leary was a guest on CNBC's "Debate It" segment and presented the case against owning shares of Amazon.com, Inc. AMZN.

O'Leary started off by saying investors are worried about a correction in the overall market then stocks with high P/E multiples, like Amazon with a 135x Forward P/E multiple, will be first to "get killed."

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O'Leary added that Amazon itself is a great company, especially its AWS segment that's widely used by many small businesses he invested in. While this view is widely held across many consumers and investors, it may be wrong to assume "everything goes right forever."

Stephanie Link of TIAA Global Asset Management took the other side of the trade and argued Amazon is a "secular growth story" although there is some uncertainty in the near-term.

She added that Amazon is a "game changer" and a company that's "changing the way people are doing their commerce." Meanwhile, Prime is just in the "beginning stages" and the growth within the annual membership segment hasn't even begun.