respectively agree and disagree with you at the same time, you’re comparing two different types of investing, momentum investing is very different, and i agree that P/E ratio and other fundamental factors don’t make sense in momentum stocks, sometimes stock is overvalued for years, even decades, take heromotorcorp for example
the stock was trading at 28-30 PE ratio from 2010-2017, 7 fricking years of overvalue, it had very good momentum, but at the end, it died down, same will happen with HUL, nestle, pidilite etc, it makes no sense as a value investor to pay 60-80x earning for a company, when nifty itself trades at 12-15 PE
momentum traders/investors know their strategy, and know their flaws, don’t be in a misconception that PE ratio or other fundamentals don’t work, momentum traders don’t disrespect value investing or fundamental investing unless they have ulterior motives.
also i would like to point out that value investing is infact not about buying low PE stocks as you are thinking, it’s about buying a business less than it’s discounted cash flows, my point is, both types have pros and cons, be aware of both.
choose whatever type you want, but be aware with pros and cons of both, as you said “no price is too high” it is completely wrong (in the context of value investing) see the chart of heromotorcorp, no stock could enjoy more than 25x PE, or maybe 30, if the growth is high, if you know every aspect of momentum investing, good for you, but don’t think that other types of investing techniques don’t work