Dot-com companies were young. They were going public sometimes only months after their creation. When they showed any sign of growth, their stock prices took off because it seemed to validate the notion that there was only more growth ahead. And it was that limitless promise that led to the second unique feature of Internet stocks: the profits didn’t seem to matter. Valuations weren’t tied to things like, you know, income. They were tied to potential fortunes to be made, somewhere in the future. New metrics like counting “eyeballs” and “mind share” were used to show companies were growing,
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