Re: Here here
Finally, someone with authority that thinks these companies aren't worth nearly what people say.
Count me unimpressed. Mrs Rip Van Winkel may have just woken up and noticed, but there's companies (like Yahoo) that will eventually disappear after more than two decades without ever paying a dividend, and yet they sit on astronomical valuations with no substance. For the lucky ones who have or will sell out and make a profit, there's many more buying into Yahoo in what has to be a straightforward Ponzi scheme.
In addition to not justifying their valuations, Ms White needs to look at all companies who seem to think that the secondary equity market is just a source of free capital that doesn't have to be paid for. Amazon, Googlebet, Ebay, and many others hold this belief, where the shareholders only return is selling to the next mug for a higher price. These same companies are often sitting on mountains of cash, often held offshore, and its often these same people undertaking extreme tax avoidance measures everywhere they operate.
About time the SEC got tough on these companies, but I shan't be holding my breath.