Suppose you had a market sell off, something along the lines of the Feb sell off/China correction. Where the unknown is unclear and not defined by a particular sector. Everything being equal, you owned three stocks. a $10 stock, a $50 dollar stock or a $100 stock. If you decided to limit your exposure due to uncertainty which would you sell first?
The market values what is scarce and what is popular. If current price is high it might mean there is scarcity for the product or the stock, but the price is of course relative to where price have been before. A stock might be popular for many reasons, hot sector, hot market, hot products or the stock is financially good.
I've found that a visit to the nearest public library is more educational than the typical 500 visits to ET actually.