But, if applying conventional methods, thereвЂ™s no reason for this stock market to be at this level - not with the rate of death, rate of unemployment, rate of earnings misses, rate of pulled guidance, etc. If using conventional methods is your cup of tea, that fine. Do P/E and P/S metrics still matter? Of course, they do - if youвЂ™re assessing, say, General Electric ( GE) or Apple ( AAPL). HereвЂ™s the thing: we are now living in an unconventional world, thanks to COVID-19.

But, like you and I, the market can change its mind whenever it wants. IвЂ™m a firm believer the market is always right. I donвЂ™t need to be proven right or insist the market is wrong.

Though I own the stock and have owned it for over a year, I can be honest and detached from emotional investing. The stock is up 132% year to date, including a 40% surge in thirty days. And it remains overvalued today by every conventional measure. To be fair to the bear thesis, ZoomвЂ™s stock was overvalued. I suppose Zoom's short sellers are the punching bags. ZoomвЂ™s speed of growth was also cleverly described as вЂњ Punching above its weight.вЂќ As a boxing fan, I appreciated the analogy. The stock immediately went on a strong run from that point, rising from $150 to $181. At that same time, there was a counter-argument, telling us that Zoom was still worth it. On April 16, Zoom was recommended as a short. IвЂ™ve made this strategy known on several Zoom articles, including the ones that see a viable business model and hidden opportunities or those that proclaim irrational exuberance. I do this while still holding a core position, which accounts for 40% of my portfolio. IвЂ™ve been done this on numerous occasions, averaging down when possible and lightening up when the stock gets frothy. Since I covered its first post-IPO earnings report, I've been buying Zoom, holding it and accumulating more on each dip. And, this was before the coronavirus-induced stay-at-home restrictions made its video conferencing product a household name, which I talked about here. Combined with its higher-quality video offering and its 24/7/365 customer support, Zoom has attracted a loyal customer base. Zoom offers a simple solution that contrasts the complexity of other products such as Microsoft's Teams or Cisco's Webex. This opened an opportunity for ZoomвЂ™s video-first platform, which is based on the cloud and is disruptive in its ease of use. More often than not, theyвЂ™ve opted to avoid the hassle often associated with integrating video. They have failed, given that some 90% of all virtual meetings within corporations still utilize only audio. This is despite decade-long attempts to simplify the experience by larger players such as Microsoft ( MSFT) and Cisco ( CSCO). The company aims to disrupt the video conferencing market, which is still riddled with technical issues. I'm not going to bore you with Zoom's history. The strategy works and has been working each time I've said here, here and here. I've said this back in March when it fell below $100 after earnings. ItвЂ™s for this reason I recommend buying Zoom, holding it and accumulating more on each dip. Zoom Video ( NASDAQ: ZM) should be no exception. The market has proven time and time again it will pay a premium for growth. When the worst thing you can say about a company is that вЂњitвЂ™s growing too fast,вЂќ thatвЂ™s usually a good sign that youвЂ™ve made a wise investment.

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