Investopedia: Can Salesforce.com Defy Gravity Forever?
Arguing about the valuation and underlying fundamental quality of hot growth stocks is a lot like fighting the tides. While the market has shown time and time again that cash flow and valuation
are ultimately all that matter, it can take a painfully long time for
reality to supplant hope and hype. So although I fully expect Salesforce.com (NYSE:CRM) to post gaudy growth for some time to come, the underlying thesis and valuation still just don't work for me as an investor.