An article over at the NYT brought back some happy memories:
Internet companies with funny names, little revenue and few customers are commanding high prices. And investors, having seemingly forgotten the pain of the first dot-com bust, are displaying symptoms of the disorder known as irrational exuberance.
Consider Facebook, the popular but financially unproven social network, which is reportedly being valued by investors at up to $15 billion. That is nearly half the value of Yahoo, a company with 38 times the number of employees and, based on estimates of Facebook’s income, 32 times the revenue.
Google, which recently surged past $600 a share, is now worth more than I.B.M., a company with eight times the revenue.
With each passing day it looks as if Facebook will become the next Blue Mountain.com. If the name doesn't ring a bell, it was a small profitless dotcom with plenty-of-eyeballs acquired by a desperate Excite@Home for $780 million in October 1999 only to be dumped a short while later for less than 40 million.
Good times, good times!
Most people never ever learn.
Tell them our final offer is five kazillion dollars and not a penny more!