there is no question this MARKET is overpriced. Like playing musical chairs and the music can stop anytime for the likes of the Lululemons and the verizons trading at 50 p/e's(insanse).
This is why one cannot play on margin and expect to win long term. Shenanigans.
But 1695 days, cash will be at valuation or very close to it. They can take this down 40% for no reason anytime they would like. But in 1695 days, it won't matter. We will be much higher and I will very likely still be here(as buffet says, Time is the friend of the great company, the enemy of the bad one). There is nothing bad about a company producing 250M+ cash in its toughest year in business, nothing bad at all. Deckers management learned from it and taking actions to prevent as much as possible a recurrence.