Silicon Valley companies continue to get outsized valuations, cast as high-growth tech companies. But while Twitter, Facebook, Google, Groupon, and other so-called tech bellwethers continue to grow, it's increasingly difficult to tell them apart from their kissing cousins in the media, advertising, and retail businesses. Do they …
P/E may be an expression of earnings over time but the reality is that it reflects many more elements. Indeed earnings seems to be a fairly minor consideration for many "tech" companies investors - the anticipation of acquisition is a driver behind some high prices - particularly if some key IP is attached. I am afraid that a lot of it is simply uninformed money looking for somewhere to go. Facebook's IPO should be an interesting indicator of how this market will continue to develop.
Yay for self-congratulatory navel staring
Silly valley is called that for a reason. It's sort-of a software Akihabara. Always something new, always something the in-crowd can get excited over. Occasionally something that grows stupendously big. And of course the myriad failures for every success, but outsiders don't get to see the details there.
You know what I miss from the place? Things that integrate tech advances seamlessly and robustly into everyday life. For example, what about ubiquitous and anonymous financial services? Well, for one: Anonymity even as part of protection of speech aren't things that interest the twenty-something desperately hopefuls there. It's about being seen, getting big quickly, getting bought out, doing it all over again for the sheer thrill of working twenty hour days. It's about being the bleeding edge, not about bringing the future home to people.
As such, it's full of sound and fury. I bet you can keep it up for a while yet, why yes you probably could. But it somehow fails to instill me with your import. So sorry.
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