BTW I still feel strongly that one cannot ignore the PE. Stocks can trade for extended periods with PE ratios of 50+ but eventually the market comes to its senses and re-rates the company when it doesn't show never ending year on year growth. I'm not arguing about stocks with PE ratios in the 20's but more like the ones who were running at much greater than 30. Nearly all the tech stocks did this in the tech boom and all have come back to earth with a thump.
