NEW YORK ( TheStreet) -- "Shares of Salesforce.com.com ( CRM) are just too expensive. With rivals such as Oracle ( ORCL), Microsoft ( MSFT) and SAP ( SAP) trying to put the company out of business, it's hard to see how Salesforce.com can ever grow into its enormous valuation. Not only does the company lack operating leverage, it also has no profits."For years, this has been a popular bear argument against Salesforce.com -- except the company has not cared to listen. Instead, each quarter, Salesforce.com has taken the "us against the world" approach by seeking to prove doubters wrong with its eye-opening growth performances. Remarkably, while one might expect standing ovations for these accomplishments, instead bears contend "I bet you can't do it again." In fairness, the company does deserve credit for its ability to grow revenue -- particularly in such tough enterprise spending environments as we've seen. On the other hand, it's hard to argue with analysts who wish to see more growth where it matters most -- on the bottom line.