1) Is this the dotcom frenzy again? Is this time different? Maybe it is, considering that people did learn their costly lessons 15 years ago. Many internet companies are indeed making growing profits nowadays. However, optimism is HIGH right now, a slight miss of expectation may send everybody into havoc (as it always does, ask Nassim Nicholas Taleb).

2) The classification of "value" and "growth", at least to me, makes no sense.

Low valuation with no/low growth - Value
High valuation with high growth - Growth

But where do the other two fit into?

High valuation with no/low growth - ???
Low valuation with high growth - ???

I presume that "low valuation with high growth" belongs to growth segment given that Apple is the top holding of Russell 3000 Growth Index and not in the Russell 3000 Value Index. So that makes "high valuation with no/low growth" stock a value stock, which makes me laugh. (Note: Actually, Russell itself is confused with this, as they have Microsoft in both Growth and Value Indices)

I think Carl Icahn will be annoyed by the fact that Apple, a low-teens P/E stock, is not classified as a value stock.

Wall Street simply ignore the fact that growth is always a component in the calculation of value.

3) Anyway, paying premium for optimism is always dangerous, especially when "Growth" outperforms "Value".