csl, page-5

There is also speculation that as people believe that the market may be improving that they will be moving away from stocks they believe to be defensive such as csl toward stocks they think will rise faster during a generally rising market. This will only have a short to medium term impact on SP if growth continues on target.

I think there is also some credence in attributing some of the change to the appreciating aussie - though I think its overdone if that is all it is (unless , of course, you think the US dollar has a lot further down to go). CSL has a reasonable record of hedging against adverse currency movements (but I don't know the full extent).

CSL is priced at a premium and had been throughout the current crisis. In my view that premium is justified and the long term prospects for the company are quite good. If their EPS growth starts to dip much below 14%-15%, then I'd be more concerned about their price premium. They haven't shown signs of not meeting this yet.

In the mean time, if you are a long term investor rather than a trader, take the Zman's advice and not look at the short term price (not that I can do that myself!).