It's had a "low" P/E for too long. It's now a "normal" P/E. Buy and hold is essentially over. If your buys and hold can lose 50% in a year....you can no longer say buy and hold. It's a new world pal, this isn't your grandfathers market anymore. HFT's, hedgies and traders have seen to that.
That argument went out the window long ago. The pumpers were pushing that like no other when the stock was 17+.