What's got a lot of holes, is wicked popular right now, but is ultimately destined to be a passing craze? It's not Crocs (NASDAQ:CROX), silly. It's my fellow Fool Kristin Graham's bearish argument on the company.

"Incredibly high valuations" forced Kristin to fishtail away from the footwear company, but can anyone honestly say that Crocs (NASDAQ:CROX) is suffering from "incredibly high valuations" today? Even Kristin pointed out that the company's revenue has more than doubled over the past year. Earnings grew even faster.

Are you telling me that a forward P/E of 15 -- yes, just 15 times next year's projected profitability -- is on the high end for companies growing this quickly? That's cheaper than slower shoesmiths like Nike (NYSE:NKE), Iconix (NASDAQ:ICON), and Deckers (NASDAQ:DECK).

I get it, though. Fashions are fickle, especially when it comes to shoes. You do realize that Crocs has dozens of shoes, right? The company is relying less on its Beach and Cayman shoe models as newer products come online: all-terrain shoes, waterproof boots, and even lightweight leather dress shoes. Earlier this week, the company introduced 28 new models for its Spring 2008 collection.

What's that? Diversity doesn't matter, because shoemakers lose their souls as quickly as they lose their soles? I don't buy it. Kristin has Crocs on an egg-timer with its "15 minutes of fame" while companies like Nike and Timberland (NYSE:TBL) have thrived for decades on the heels -- pun intended -- of a flagship shoe type.

And if the "one-hit wonder" vibe has Crocs feeling a little too Dexy's Midnight Runners for your taste, may I point out how the company's expansion into clothing, handbags, and overseas markets offers more egg baskets than "Come On Eileen" has hooks?

Finally, Kristin is concerned that all this expansion is overextending the company financially. She frets over capital expenditures that outpace the top line. You do realize that the bottom line is growing faster than both of those items? You do realize that broadening its wingspan is the best way to make sure it doesn't get Dexy'd? You do realize that this is a cash-rich beast, unlike its leveraged shoe-plopping peers?

Sure, I see holes in a flavor-of-the-moment fashion trend. But it isn't Crocs' shoes.

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Longtime Fool contributor Rick Munarriz loves how Crocs come in collegiate colors, too. He does not own shares in any of the stocks in this story, though he does own at least one pair of Crocs shoes. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool's disclosure policy has "Come On Eileen" stuck in its head now.