And the cycle of annual promises broken and new ones made continues. The earnings certainly don't. The revenue growth doesn't do it. That is not healthy. Eventually, the excesses in the stock prices will be repealed.
Stocks swing from overvalued to undervalued.
If you feel the stock price does not need to be justified, that's fine. Just remember that you just changed from a stock investor to a commodity trader. You turned the stock into a commodity when you removed the relationship between the stock performance and the company performance. You are buying pieces of paper with names emblazoned on them. That is it.