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Are High Stock Market Prices Justified?

To justify high market prices does not require a radical departure from the traditional valuation model. Extraordinarily high market prices relative to current cash flow can be justified by the discounted cash flow model if both the assumptions of the combination of high supernormal growth rate of cash flows and the length of time supernormal growth rates persist remain unspecified and unquestioned. The model here can be used to analyze high market valuations in terms of the time supernormal growth must last to justify these prices at any given level of growth rate.