[phreeza]

Taken by themselves, it is hard to say which one is overvalued. But looking at the entire class, I think they are definitely overvalued. The trick will be to figure out which one of these companies is the Amazon among the Webvans....

[raldi]

Are you sure the class, as a whole, is overvalued? If, in 1999, you had invested $1000 each in Google and 49 flops, you'd still have come out ahead.

[phreeza]

What I mean by 'class' is the slew of companies now valued at 1B+. Not sure what googles valuation was in 1999? I am guessing it was still well below 1B.