If you go out and buy a business, how many years should it take to pay off the original investment? Don't you look for investments that can pay themselves off in 5-7 years? Shouldn't long-term investors use this same logic when deciding what stocks they'll invest in? For example, if you went out and bought EBAY (the entire company), and the company actually grew at its estimates of 40% for the next five years and 11% every year thereafter, it would take you 13 years to pay off your original investment. The same goes for AMGN and many other Nasdaq 100 companies (16 years if you bought YHOO)...shouldn't long-term investors wait until valuations come back down into the 5-7 year range? Is this logic flawed?