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For companies that have easy access to capital (either through retained cash flow or the ability to sell inflated shares) the P/E ratio is not the most useful metric
Very true for individual companies, but this tread, as did the past discussions with div20, involved the entire S&P500. I would never claim any confidence in predicting the direction of a single new fast growing stock, but when comparing BRK (basically an index of companies with stable strong cash flow)vs. the S&P, P/E matters. Our old friend Div20 kept telling us the Teslas of the world would drive the index, but even in the era of the mag 7, the price paid for earnings of the other 493 companies matters.
