Most of their existence. Back in 2013 Microsoft and Apple and PEs in the low teens. IIRC, Apple had a PE of 11. Since then, Apple is up about 1100% and Microsoft almost that much.
I understand your point that high growth companies can fairly command higher multiples (I don’t think there is any real controversy on that point). But even for those companies valuation still matters.
This is incorrect argument. MSFT had higher PE’s except during the lost decade of 2000 to 2013, or Steve Ballmer’s era. The sly argument you are making is it is all PE expansion. Even for Apple, as their service revenue ramped up, the PE expanded. Meaning if you are selling hardware those earnings are not getting higher multiples vs services where gross margin is higher.
Folks expecting business with 70% gross margin, growing 20% should have a 15 PE and justifying it with valuation matters is absolute copout.
Syke6 did not say that those types of companies should have a PE of 15. He merely said, “But even for those companies valuation still matters.” You are reading more into it than is there.
What are others on your list ? I am accumulating MKL whenever it dips below $1340.