Being invested in Page has been one of the most interesting experiences for me in terms of understanding how the market perceives quality businesses.
I have flitted in & out of Page more times that i would care to admit because i felt at that time that the PE is high & because my knowledge was really half baked. I did all these DCF type calculations which always told me to stay away from Page.
In general , High PE - bad, Low PE - good was the lens through which i looked at everything.
All through though, Page never disappointed me. My biggest disappointments & painful experiences were all the low PE stocks i held. I used to hold Page for a while sell it at a modest profit and put the money into these low pe items. Only to see the low pe go lower and page galloping away.
I am glad that happened because it taught me a lesson in a way only the market can teach you.
All else being equal the high PE stock is better than that Low PE stock. It is most certainly not the other way round.