Listen, I don't want to waste my time arguing with you. I'm a pro, I trade for a living for several years now. Time will answer all your questions. Adieu.
Funny thing before 2000 nobody ever used the term 'bubble'. Today after people got burned they see a potential bubble behind everything that went up 100%. Pathetic.
If there is a stock that is overpriced it it is AMZN. The only reason it is up is because of so many people shorting it. Compare its PE to that of EBAY and YHOO. These stocks are ridiculously cheap in comparison.
regardless, got to look at forward estimates against growth rates. They tell the story of stock valuation. Ebay next yr earnings is 1.66. Current PE is meaningless. Against $35, thats a 21 forward PE... Very well priced if you think they are able to grow 20% annually. And no reason a speculative frenzy couldn't add 50% to this stock. AMZN and CRM are two I don't get ... people give them a huge multiple. The shorts will never get ahold of CRM like they did CROX. Why? Its a conspiracy, and I can't figure it out.
In growth stocks P/E doesnt matters. Its all short term trading. You are not going to buy and hold. Applying that buy and hold logic doesn't work on momentum stocks. You are still making money, lots of it.