[dbs]

Same can be said of market valuation in 99/00.

And just like at that time people are looking for adjusted valuation measures and all type of excuses to justify unrealistic growth expectations.

Like ALL previous bubbles it will end in tears.

[lotsofpulp]

Did the companies of 99/00 have many years of profits anywhere near the companies of today?

[plater]

Cisco and Ericsson did.

[lotsofpulp]

I see Cisco with a few years of 15% net income profit margin from 1998 to 2000 (they do not have any reports before that on their website). And Ericcson is in the single digit ranges around 7%. Cisco actually got more profitable and since at least 2006 has been in the 20% range.

Apple has been in 20%+ range for over a decade, Alphabet in the 25% range, Microsoft is hitting 30% regularly, and Facebook is at nearly 40% for the last 5 years.

For Amazon, I can only assume investors are factoring in huge profit margins for AWS since it seems to be singlehandedly marching Amazon’s profit margins from near 0% to 6% in the last 6 or 7 years.

Feels like a different level of profit than in previous decades.