Williams-Sonoma’s (NYSE: WSM) stock surge is due to its persistent outperformance and quality business. The company contracted in 2023 along with the housing market, but cash flow remained solid, driving substantial capital returns for investors. The Q4 results continue the trend and point to a pivot this year. That will be a pivot back to growth accompanied by solid margins and sustained capital returns. Among the drivers for the share price is the valuation. The stock is arguably a highly-valued issued trading at 19X earnings, but that perspective is based on the brick-and-mortar business. L…