Seeking Alpha

Yikes. I just looked at the price of FedEx (FDX) shares and they are in the "nose bleed" range. On January 1st the global logistics giant topped $143 - an all time high - and the "margin of safety" is virtually non-existent. The shares closed at $134.58 with a Price to Earnings (P/E) multiple of 21.6x.

I was hoping to buy shares in FedEx as I fancy the company's extraordinary track record of earnings consistency. Over the years, especially after the Great Recession, FedEx has evolved into a dominating logistics company driving growth and operating cash flow to historic proportions.

However, there is seemingly little comfort in owning shares that are priced to perfection...

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