Brian, It is always those who are closest to the accident about to happen who don't remember the details afterward. Your comment about new cos. not always making a profit is true. But, in normal times, they don't sell at huge prices until they prove they can survive. BTW, I heard the same comments in the early 1990s when I was buying puts on the biotech stocks, but, then, nobody remembers that now. <g> All of these fluff stocks and most of these cos. will go to hell in a handbasket if the Fed ever turns off the money fire hose, and before that if the currency and bond get much weaker. BTW, most stocks were down last year in this greatest speculative bubble in history. This year, it will be even easier for the sane put buyer to make money while the Ponzi scheme folks die a slow, agonizing financial death.
This, of course, does not mean that the Net will not continue to grow. Computer sales continued to grow in 1969-1970 while the stocks declined 80%. We're are not talking business. We are talking silly valuations and how they fare in a less manic environment. |
