GNU Collaborative International Dictionary of English

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Found one definition

1.       
   Highflying , a.
    Extravagant in opinions or ambition. “Highflying, arbitrary kings.”
   Dryden.
   
   1913 Webster
   Flying at a high altitude; -- of airplanes.
   PJC
   Having an excessively high cost or perceived value; temporarily very successful; -- of objects with respect to a market and people in their occupations; as, highflying internet stocks; highflying executives moving between companies.
   PJC