I agree with both of you - it's only the perspective that the...

I agree with both of you - it's only the perspective that the object is viewed from that is different
Witeyg is viewing from a more historical perspective, while extralite's is more contemporary.

In a fair value world (of stable & reasonable inflation etc), a PE of 10 would somewhat approximate the delineation between investment and speculation. Unfortunately (or fortunately depending on the individual bent) we have not been operating under these parameters for quite some years. Capital growth has been the primary driving force and that influence on individual stocks is totally subjective. The question is, has the PE paradigm been replaced forever by the PCG (Potential Capital Growth) paradigm or will something else supplant both ?