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.
You can deny this reality all you want. You can whine about it. You can claim the world has gone crazy. That it's not like it was when you were a spry young investor. You can write to the SEC. You can quote Warren Buffett. You can reread the Intelligent Investor for the 83rd time. You can throw darts at market maker voodoo dolls and stalk sleazy and soulless short sellers.
Tell it to your shrink, your buddies at the Elk's Lodge and your friends at Friday night bingo. I've got news for you: It's not going to change anytime soon. Any good psychotherapist is going to tell you what I am about to tell you: Stop wishing for a world that simply does not and probably cannot exist and learn how to function in this cold, hard and unfair real world.