When I started in this business, a company like Apple might warrant a P/E of 20, whereas a company like Smucker (you know, the jam maker) would probably have a P/E of 7. Well, in these dizzy times, Smucker (SJM) has an Apple-like P/E, and it seems to me that this stock is poised to be worth a lot less a year from now, based on the massive top I’ve tinted.
