A very fast growth rate is worth a very high price-earnings multiple. In a low inflation environment, [a stock growing at 15% a year] is worth a P/E of 65. And a 20% growth stock is worth a P/E of 106.
~ Edward Kerschner, investment strategist, PaineWebber, as quoted in The Wall Street Journal, June 2, 2000
(Kershner was defending the high valuations of large cap tech stocks like Cisco Systems, America Online, Hewlett-Packard and Microsoft at the top of the 2000 tech bubble.)