MFG Fair Value, page-175

The construction of MFG portfolio is such that most of the stocks value, except for utilities and may be netflex and Amazon.
None of these are have P/E ratios of 500 or 1000 like in Tesla,after pay etc. Always based on forward earnings.

Netflex and Amazon can be argued as growth with PE over 45 or so. But who is going to argue about Amazon. I had doubts about Netflex but with the expansion into games industry high PE ratio is probably right.
The balance is all consumer focused based organisations like Nestle, McDonald, PG, Visa, Starbucks etc. These companies always has been valued around 21 to 28 range PE and survived for hundred years, easily recognisable brands world over, not only in the developed world. Google, FB are in low twenties based on forward earnings for next 3 years. These considered very attractive with more billions to be earned and huge amount in BS too.
Again MSFT is valued around 30 PE on forward earnings. This has equally good or better BS than Apple, Google. Over last ten years or so it is growing very well including cloud business. As it has the best product and services range even compared to Apple, Google and habit of buy backs analyst are quite comfortable.
If there is full blown recession or some catastrophic event, these valuation will be on the high side. In the current economical environment nobody is talking about recession for next two or three years, only about inflation, high liquidity, government deficits which are all needs to be brought under control. Growth estimate for economies are still on the high side.