Pundits supposedly in the know regularly decry valuations of Internet stocks. They have a well-worn lexicon handy with thumbed pages that include
“
bubble,
”
“
overvalued,
”
“
hype.
”
But in 1994 when the first pundit jumped up and said the Internet was a fad and a bubble because the price-to-earnings (P/E) of AOL at that time was off the charts according to the industrial era P/E ratios, I had to delve deeper into the emerging phenomenon called the Internet.
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