Businesses like Microsoft, amazon and google are so good you will never get them cheap. they are always on high PEs.
Like CSL it's PE is hardly ever below 30 and if you expect to get it cheap, you will never buy it.
Similar story for super businesses like Novartis, Reckitt (maker of Dettol, Nurofen, Durex etc), Proctor and Gamble, MacDonalds, Pepsi etc.
They all have very strong brands with large moats so they can lift prices without losing customers even if the cost of interest goes up
So earnings don't change that much. PE's don't vary that much
But here is the clincher, they are a selection of great businesses that will beat an index that is full of mediocre business.
And this is why .....
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