Valuation is thinking about the [future profits]/[stock price] ratio. No matter how good the company business and it's position in the market is (= future pro

Valuation is thinking about the [future profits]/[stock price] ratio. No matter how good the company business and it's position in the market is (= future profits), it can be overvalued if the price is too high. I think Dropbox seems like really nice product, but not at the valuation it had or has. It has no permanent competitive edge.