> If so there is one issue with that. It is more tax efficient to have lower earnings and disguise profit and reinvestment as R&D cost. Stock prices are not ju

> If so there is one issue with that. It is more tax efficient to have lower earnings and disguise profit and reinvestment as R&D cost. Stock prices are not just historically high relative to earnings (using CAPE or not), they're historically high relative to book value or sales. There might be a clever effort to not have earnings that are justified by share price, for tax reasons. Is there similarly a clever effort to not have sales that are justified by share price? > due for correction That's pretty hard to predict.