People from the Value camp have been railing about excessive PE ratios for years now, and year after year they have had to watch as Tech left Value in the dust. Perhaps the PE ratio may no longer be very useful and important, for better or worse.

Determining whether a stock's price is too high is a very difficult thing to do, primarily because so many assumptions go into those kinds of models. Some may be more reasonable than others, but you can have multiple models, each with reasonable assumptions, yielding wildly different results. The point is that saying a stock is objectively too high is nearly an impossible task.

With all that said, I think the main question to ask right now is if you had to hold a stock for the next five years, would you feel more comfortable holding Tech or Value? Personally, I feel way more comfortable holding Tech.