<<Wasn't it yesterday that some company with 17 million in annual revenue came to market and by the end of the day had a market cap of a billion or so? Has the world gone nuts, or is it just that I don't get it?>>
Actually, it was a company with $13 million in revenue and at the end of the day, they had a market cap of well over $8 billion (freemarkets inc.--they don't even call themselves dot com! though they are an internet auction business, one with very high barriers to entry as we all know, unlike making suspensions). There was a nice quote from Byron Wien in today's Barron's: "In my lifetime, we've gone from valuing stocks based on dividends to earnings, to cash flow, and then momentum,. Now stocks are being priced on possibilities." That is what you're missing, guy, get with the program: possibility is the name of the game, "living on the edge" as a past WDC "investor" in the 40s put, if you're not "living on the edge" you're "just taking up space" are pretty close to his exact words, I believe. Egad, the things I remember....
living on the edge of nowhere taking up space,
s. |
