> While the Yahoos, Pricelines, Ebays, AOLs and Amazons of...
> that advantage. Their models do not offer anything that
> cannot be easily duplicated (with capital).
So you think the Yahoos are overvalued (and by implication RRRR that plans to invest in them), but the "DELLs, CSCOs, SUNWs" etc. are not overvalued? You could be right, and anyway, discussing this is such a general way is dangerous. I mean, DELL could be overvalued, and CSCo not, or the other way around.
> As for high valuations, who knows how high is really
high
Well, if the value of the company is more than it is likely to earn during the next 100,000 years, I would say -- going out on a crazy limb -- that maybe it's high. Even if some special magic unwritten evaluation formula should apply only to Yahoos, their ability to eventually justify their valuation can't be ignored.
> back to 1929 and bury my head in the sand...
Isn't *ignoring* 1929 and the history of speculative booms burying your head?
But I hope you're right that the boundless optimism of the market is based on something, or even if it's not it'll last a long time and find a soft landing.... A crash won't do me or hardly anyone any good.
- Charles |
