I agree with you 100%. However, the $INDUSTRY label that a company receives, is often a huge factor in its valuation. Compare the forward P/E of Netflix vs. oth

I agree with you 100%. However, the $INDUSTRY label that a company receives, is often a huge factor in its valuation. Compare the forward P/E of Netflix vs. other entertainment companies getting into streaming. Netflix receives a significantly higher P/E due it being considered (right or wrong) a 'Tech' stock with more growth potential.