You know Glenn, it's amazing how fleeting genius is. For so long, those of us who questioned the valuations of these stocks looked like idiots, cement heads, small thinkers, etc. I was starting to believe it. Now you have very astute investors, who sell a stock for valuation reasons at 40, and buy it back 4 months later for close to 200, and average down on the decline.
Now all of the sudden, the arguments of the new paradigm guys sound hollow, hopeful, speculative and disingenious. Even the bull analysts are circling the wagons around 3 names: AOL, YHOO and AMZN. (I've noticed EBAY hasn't been mentioned lately)
Those who now say that this was a speculative bubble, don't sound so stupid.
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