>But valuations are so frothy right now that it's difficult to tell the strong companies from the ones that won't survive "when the tide goes out." There seems

>But valuations are so frothy right now that it's difficult to tell the strong companies from the ones that won't survive "when the tide goes out." There seems to be some contradiction here: you seem to say valuations don't matter, but also that you're worried about them. How do valuations prevent you from spotting a good company?