I have been thinking hard about these and related questions and talking to as many experts as I can find. As I have mentioned before, valuation discrepancies abound. The word ‘bubble’ has re-entered the pundit’s lexicon. Indeed in mid-January the Financial Times ran a large article under the banner headline: ‘Valuations. Is this nuts? Investors appear to have taken leave of their senses, pumping cash into projects regardless of profitability.’ The article talked about the gravity-defying prices being paid for companies such as Twitter, Square, Ocado and Asos.
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