You also made that call. In general, investors pay for high PE...

You also made that call. In general, investors pay for high PE if there's a unique quality attribute. There are numerous companies that don't deliver that expectations that comes with high PE. Market only punishes it a little, but they do get the benefit of doubt. If CSL serves any example to this, profit growth has clear signs of contraction but the market is simply not willing to let it go cheap. 

Nestle has a history of making profits and the PE is high. I don't ever find PE a problem as it is a high quality business. It also has an alarming level of debts and its hidden PE could also be much higher than it is reported on paper as it is now. In addition to this, I personally think that Nestle lives in a negative interest rate environment (Switzerland) and hence its unit asset value is relatively high, just the maintenance of profits alone(which isn't happening) is enough to preserve capital for investors and they park money there, I believe. Translating its high per unit asset price or share price into an earning multiple will directly show up a high PE. Asset value and interest rates have a negative correlation  but different coefficients. These are views on Nestle. Some may disagree with me on this, but I think macro-factors have led to its high price.

Amazon, I shorted this share sometime ago. I have a different view on this stock. It amazes me that its web cloud architecture uses Oracle database not its own database but makes more money than Oracle. A serious flaw in my view. Some of know very well when Amazon tried to switch databases for themselves, haha. They don't even support native app-dev in AWS. I don't know how data analytics is going to work in the future for its customers if this is where they're heading. In a nutshell, Amazon is renting its data warehouse, it does not own the warehouse. I don't know what to make of Amazon at the moment. Netflix, I honestly don't have its background product knowledge or valuation skills to know or evaluate whether it is buy, hold or sell or "run for cover".

A2M is definitely a consumer staples, and it will be Jayne's job to morph this company to new and better ventures. Fonterra is already in the bag, Need a few more licenses to be given out. Hope that happens. I'm more of an Elliot wave guy and it was pointing something else sometime ago. If you follow Fibonacci and if you think after breaching 21, it could head to 34, then some folks here may take an early retirement. 

Just my view