I don't think I've ever wondered what Buffett/Munger thought of high PE ratios. This stuff suggests he thinks they are often meaningless. Here's Warren on that subject. [yt]b4X5fmwdM[/yt] {yt]v=pVb4X5fmwdM[yt] https://www.youtube.com/watch?v=pVb4X5fmwdM