the internet bubble monitor makes a great point about friday’s market ‘correction’:

“The purpose of the Bubble Monitor was to point out the absurdity of the valuations given to Internet stocks. This was an amusing activity until this week. Now, it feels more like piling on.

This does not mean that I think we have reached bottom. Consider:

Each of the stocks on the Bubble Monitor is higher than it was 6 months ago. (WEBM only went IPO two months ago, of course.)

None of the stocks is in any danger of being “cheap” relative to earnings or sales. Yahoo’s P/E ratio still is well over 500, and the others have no earnings.”

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