Other, lower multiple stocks, languish even with good earnings growth. Hard work and careful stock analysis doesn't seem to pay. When confronted with the apparent contradictions in this world, the investors riding the winning strategy have resorted to the thought that we're in a new paradigm. When the old rules don't work, simply conclude that newer ones are valid. If the new rules don't make sense, don't worry.
Any evaluation based on the old history is bound to be flawed because it's a whole new ballgame.
Admit you don't understand and go with the flow. One of the wonders of economics is that we pretend it is a science, but we are constrained to operate without the benefit of repeatable experiments. No physicist confronted with evidence contrary to accepted theory would simply shrug and suggest we should accept what we don't understand. Instead, efforts would be made to find a logical replacement theory more consistent with the evidence. The physicist adds dimensions of general relativity to account for the reality that Newtonian mechanics can't.