Veteran investors probably remember when shares of then-young e-commerce giant Amazon (NASDAQ: AMZN) were uncomfortably expensive. People paid this premium anyway, recognizing the company's eventual potential. Even older investors might recall a time when club retailer Costco Wholesale's (NASDAQ: COST) stock was unusually cheap, in line with other stocks in the slow-growth retail industry. My, how times have changed. The growth stock that's historically been priced like one is now trading a trailing price/earnings ratio of only 20, roughly in line with the average value stock. Conversely, priced at 50 times its trailing earnings, Costco shares are priced more richly than most established growth stocks. What gives? The role reversal makes some sense, given the backdrop. Both camps, however, have arguably overshot their target.
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