NEW YORK ( TheStreet) -- In practice, valuation -- particularly the P/E ratio -- no longer means much. If it did, Apple (AAPL - Get Report) would not wallow at a forward P/E of 10.27, while Amazon.com (AMZN - Get Report) sports a robust 88.34 on the same metric. Using Tuesday's closing prices, Apple's current P/E stands at a puny 13.48 relative to Amazon's inflated 185.29.Unlike Apple bulls and Amazon bears, I pull only one point of significance out of those otherwise meaningless numbers: This is not your Grandfather's stock market. And it has not been for quite some time.
Sell Apple, Buy Amazon
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