It is hard to find flaws in Netflix‘s (NASDAQ: NFLX) recent business performance. The streaming service giant’s latest quarterly results showed a company firing on all cylinders, with accelerating revenue growth and expanding profit margins.

But the hard part about investing is that a great business and a great stock are not the same thing — especially once the market has already priced in years of strong growth.

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While Netflix’s underlying business momentum is undeniably impressive today, the stock’s…