On high valuations -

$AMZN traded &gt; 30 P/S multiple during TMT bubble ('99). Those who had the misfortune of investing at the peak of the bubble have still made almost 40X over 20 years (CAGR of ~20%)!

Cheaper the better but biz quality + time &gt; valuation

Chart from @ycharts https://t.co/6J7isvb6Hp