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CVNA - Lessons From 1999: It May Not Be The Best Time To Load Up On Momentum Stocks
Carvana Co. Class A
Valuations apparently don't matter any more. Stocks only go up, right? Does anything but momentum matter from now on?
Yes, valuations still matter. Or at least valuations will matter again some day, and perhaps soon. Momentum doesn't last forever. Stocks do go down and sometimes they go down hard fast and they don't come back for years if ever.
Remember when fiber optic component maker JDSU went up more than 10-fold in 1999 and early 2000 as the valuation topped $100 billion and the stock looked like it would never go back down because they