So price-to-earnings ratios still matter. This is true for tech companies typically avoided by Warren Buffett. This is also true for consumer staples companies such as Proctor and Gamble that he sold after the P/E ratio hit 27.
Relative valuations such as price to earnings matter. I wish I followed my inner voice 15 years ago when I asked my boss “shouldn’t I sell our stock since the P/E ratio is 400?”
Then again, whenever we face a choice to go one way or another, there lies an end in either direction. That end is our destiny.