In 2000, technology stocks traded at huge valuation premiums; today they sell at large discounts. (oakmark.com)
By the end of the day, that initial valuation premium of $ 3.7 billion turned into a deficit of $ 1.2 billion, and that was against a rising market. (alephblog.com)
The obvious problem is they're generally priced accordingly — their additional valuation premium reflecting the (perceived) consistency & sustainability of future excess profits. (wexboy.wordpress.com)