Do you care if a fast growing company is over valued?

Every resource I use to study a stock always seems to mention things like * With a PE ratio of xx the market is pricing in complete perfection. * The market is anticipating consecutive years of hyperbolic growth. * Even a slight miss or underperformance in earnings could result in a big valuation reset. The problem is I have actually gone back through several dozen companies that blew up and became house hold names and checked their stock performance when the PE ratios were high. And yes some of them did have 40% to 60% sell offs but some continued climbing for 18 months or so before selling off. But the story is always the same, the multiples compress sure, but the revenue keeps growing, the profits keep growing, the margins increase, the customer count / quality increases, demand increases etc. From my limited research it seems to me like getting in super early when the stock is richly valued can actually be better than waiting for the PE to settle. Yes you may end up sitting through a couple years of losses but in the long run if the company is successful, the price you bought in at will be a far better deal than the newly PE adjusted price. Basically I'd rather invest at a $5b market cap with a PE ratio of 90 and risk losing some unrealised money for a few years for the company to become $70b, rather than invest at $40b with a PE ratio of 20. Yes a $40b market cap PE ratio of 40 is far safer most likely, but by the you've missed 80% of the bull run anyway...