>>For example, not long after the AOL/Time-Warner transaction was announced, a J.P. Morgan analyst declared that the combined company 'should trade at a 100 times EBITDA multiple,' which, if true, begs the question of why there should be any multiple assigned to any favored growth company. Why not invest on the honor system? Maybe that's what an unidentified analyst was driving at in Tuesday's Wall Street Journal when he was quoted as saying (in the special bear-market-warning-supplement), 'If you have to ask about valuation, you can't afford it.'<<
This is the funniest thing I've read in a while. But I missed the WSJ special bear-market-warning-supplement, is he serious about that?
<edit> I found it, in Tuesday, Jan. 18, 2000 issue, article by Greg Ip, "Market on a High Wire." Extremely bearish article for the WSJ. |
