The mistake you are making is not taking into account forward earnings. Your reasoning may have worked in the past but tech companies and the markets these days

The mistake you are making is not taking into account forward earnings. Your reasoning may have worked in the past but tech companies and the markets these days are different. When you take forward earnings seriously, all these valuations start looking reasonable. Why pay $40 for Netflix stock today if it’s damn near guaranteed to be a massive business in the future? You will pay $350+. Why aren’t we paying $350+ for Comcast if it has 81x the net income of Netflix? Because Comcast is going down the shitter.