3 Hot Stocks That Can Live Up to Their Lofty Valuations

As Charlie Munger, vice chairman of Berkshire Hathaway, once stated, "A great business at a fair price is superior to a fair business at a great price." With this quote in mind, let's look at three hot stocks with premium valuations that may be great businesses at a fair price -- especially when we look over the long term. Trading at 28 times gross profit, creativity-fueled Etsy (NASDAQ: ETSY) is the "cheapest" option of the lofty valuations.