Experienced short-sellers will tell you that it’s not enough to find an overpriced stock and start loading up on put options, you also need to identify a catalyst for why the rest of the market is going to come around to your way of thinking. In some cases investors will try to be the catalyst themselves, but merely pointing out high valuations isn’t usually enough. So even though Netflix valuations looked high after a mid-January spike, the stock has continued to climb and shorts are left licking their wounds. Even now that Netflix is trading at $624, 162x trailing PE…