The stock market in 2013 was defined by little profit improvement but big-time stock moves. Companies like Tesla Motors (NASDAQ:TSLA), Amazon.com (NASDAQ:AMZN), and 3D Systems (NYSE:DDD) all saw their stocks soar despite having little to no profit. Eventually, the optimism that drove growth stocks higher will require earnings to follow suit. 

Fool contributor Travis Hoium thinks 2014 will be more about growth stocks proving they're worth a premium price than it will be about increasing expectations. The challenge for investors is that a single earnings miss or bad press release can send a highflying stock crashing back to earth. That's a reason to be at least a little cautious this year. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.