There's much more to investing than buying low and selling high, and there's much more to stock valuation than buying on a low price-to-earnings (P/E) ratio. On the other hand, sometimes it makes sense to buy a high P/E stock because its growth prospects justify its current valuation. That's how investors should think about investing in Rockwell Automation (NYSE: ROK), Delta Air Lines (NYSE: DAL), and infrastructure software company Bentley Systems (NASDAQ: BSY). Here's why all three are exciting stocks for 2023. 

The leading U.S. industrial automation company, Rockwell, currently trades on 30 times earnings. That may seem expensive, but Rockwell has excellent earnings momentum, and its long-term growth looks assured. For example, management recently upgraded its expectation for organic revenue growth guidance range in its financial 2023 from an initial 9% to 13% to an updated 11% to 15%.

It's all the more impressive as it comes in a year of slowing industrial sector growth. It also speaks to the increasing demand for automation in the global economy. The ongoing supply chain issues in the economy are partly due to labor shortages and the difficulty of hiring skilled workers in specific industries. In addition, many companies are trying to reduce the complexity of their supply chains and reliance on myriad, faraway suppliers. In both cases, automation is the answer, enabling production to be reshored from low-labor-cost countries and reducing the number of workers in a facility. 

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Source Fool.com