For sure, all holders of these very high PE stocks late in the current cycle need to be comfortable they can see their way through a SP crash when the bull market finally ends. But as a long-term investor, I tend to hold stocks with a long term (3 to 5+ year horizon) that I believe based on analysis have the potential for very material growth. I know at some point there will be a correction, and for some of my positions I will say "if only ...". But I also know from enough cycles in the past 30 years (most recently Q4 2018), that overall holding is a better strategy. Picking timing is a fools game, and if you run with the herd, you bleed value.
While even the quality growth stocks get punished when overall sentiment turns, equally, they bounce back harder at the other end ... provided balance sheets are strong,... something else to keep an eye on.
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