What is better a high or low P/E ratio?

[i like turtles]

PE alone is hard to use as a measure of quality. A low PE means the stock is not being highly value by investors for one reason or another. If you look at companies like Apple, the PE is 14. Does that mean that investors have "missed the boat" and don't see the value in Apple? Or does it mean that Apple is a mature company with mature products and unlikely to grow like it has in the past?

Or how about Amazon? It has a PE of 1400, and has never been below a PE of 300 or more. Yet people buy the stock because they anticipate future growth and profits.

I think the best way to look at PE is to also look at the growth of the company. Take a company like Fiesta Restaurant Group (FRGI) with a PE of 69. They just got rid of most of their debt and are poised to have tremendous growth in the next year and longer. I love this stock because it has a ton of future growth. So a PE of 69 doesn't seem high to me. If GE or MSFT had a PE of 69 it would be very expensive, because the companies aren't going to grow very fast.