JAF,
These are all great companies and I hold significant positions in each of them. My approach differs from some here who focus on where is the very best place to put their money and hold a very concentrated set of stocks. I am much more diversified, and I tend to sell less frequently than many here. The question I ask is not which is the best, but which ones are great.
But to your question about valuation and why it differs so much between these great companies, I think you have to look at the TAM and what the runway ahead looks like. The competitive landscape also matters. And then there are company specific concerns. So, I think the market is looking at SNOW as having a huge TAM and no significant competitors (ok, an overstatement – but you get the idea), vs. ZM which also has a significant TAM, but has competition and some concerns about how the end of the COVID disruptions will affect them.
As for CRWD, despite the recent run up I still see it as a strong buy and expect to add shares as I free up funds. Large TAM, weak competition, great management, and growth rate that speaks for itself.
Regards,
Dorset