Sanity? IMHO, 7 times trailing earning for a good company is insane. That’s the equivalent of an AAA bond that pays 13%. Even I would load up at those prices, which haven’t been seen since March of 2009.
Just six years ago GM was under $1. In 1968 IBM was $360. In the 80”s I was buying intel for under $30 and they were struggling to make a nickel.