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Zhang perverse

For many people, the Internet bubble burst a decade ago when the soul-stirring scene still fresh. The Nasdaq Composite Index from 2000 to March 10 peak of 5,132.52 points began to fall, IT industry, the market value in the subsequent two years have been mercilessly wiped out 5 trillion.
years later, although the Nasdaq is still wandering around in the more than 2000, but resumed after the Internet at its peak, a new concept after another. Recently, the part of the surge in social networking enterprise value interpretation of this is grand. Social game developer Zynga valuation of 90 billion U.S. dollars, earnings have not been valued 10 billion U.S. dollars Twitter, and Facebook not to mention, the valuation was as high as 83 billion U.S. dollars, six months, almost double the valuation of these enterprises.
With the large amount of money to invest in these companies, a number of institutional investors, investment banks and retail investors were also big customers are scrambling to be their own money into this industry, worried about missing the big deal.
the face of such a boom, and even Warren Buffett had to warn investors, most of social networking sites are now overvalued. Some people say that a cycle of ten Internet companies, and some companies are overvalued presage a bubble has come? It may wish to listen to how people closest to the market to read this issue.
whether bubbles have appeared?
square:

Google CEO Eric Schmidt (Eric Schmidt): a new Internet bubble is on the field of business valuation emerge, and the signs are obvious. Investors believe these companies will be better price in the future.
investment bank Thomas Weisel Partners Thomas Weisel, founder of Thomas Weisel Partners (Thomas Weisel): I have now flooded the market scale of the flows in shock. I think that the Internet bubble bigger. Now the market looking for those funds pool Internet companies have been far greater than the 2000 level.
Facebook shareholders 艾利舍乌斯马 Ivanov (Alisher Usmanov): Internet companies are now the price is too high, should be careful investment. Compared with two years or three years ago, and now even less return on investment in Internet companies. We had a 5% share stake Jingdong Mall investment will likely be some time in the future direct investment in the last money in Internet companies.
Highland Venture Capital (Elevation Partners) co-founder Roger McNamee (Roger McNamee): I worry that investors think that all the social networking companies like Facebook as well. This is indeed there are many attractive companies, but very difficult since the company emerged with the same impact with Facebook.
MarketWatch columnist Terri Sapp Pretty (Therese Poletti): My feeling is that this round of the 2000 Super Bubble bubble even larger. These bubbles do not think people will be hurt only a small number of high-end investors, but will directly affect the ecological environment of the Internet industry, resulting in endless trouble.
Cons:

Taide Yi Gan, chief economist for San Francisco (Ted Egan): This is obviously not become yet another Internet bubble. It now appears that the industry seems to lead us out of recession.
Wharton finance professor Luke Taylor (Luke Taylor): I am skeptical of the bubble, people subconsciously to this situation a bubble, but I think the valuation is not a foam core. Facebook, Twitter, Zynga, LinkedIn and a few other social media companies Groupon valuation is true that some radical and may be too optimistic, after all, the S & P 500 index off the basic rate of the city in less than 4 times, and these social media companies in the City sales rate up to 100 times. But only when these companies were listed and disclose all information known before. We should observe these few companies are overvalued on the whole tech sector had a full impact.
University of Chicago professor of finance Rubber Spa Crest (Lubox Pastor): When a fast-growing business there are many uncertainties, the market will grow. As long as there is uncertainty, people will chase. We do not know whether the market will expand, do not know Facebook could attract all the people on earth. If realized, it is now will be very cost-effective investment in Facebook.
this not the same as the last bubble?
Jingdong Mall CEO Liu Qiang East: recent view that the advent of the Internet bubble in the second round of the sound gradually increased, and I'd think that most local bubble. With the first Internet bubble burst than before, this round based Internet company market capitalization rose exists not only a clear profit model,[link widoczny dla zalogowanych], but because the Internet has completely penetrated into every aspect of social life, the value of the foundation more solid.
Gavin Ni, founder of the Qing Branch Group: Now the bubble is not the same as before, although the company is still difficult to make money, but it does have an income.
IA Ventures venture capital firm's founder and managing partner 罗杰厄仁伯格 (Roger Ehrenberg): 90's of last century, start-up companies received investment capital is raised 5 times today .
Chinese Internet company is also a bubble?
since last year, the Chinese Internet company listed on the wave of a new round of the United States is on the rise. Silicon Valley, emerged as the suspected second Internet bubble, the industry is the existence of the Internet bubble in China, the debate also rampant.
IDG Capital Hugo Shong, vice president of the world: the Internet bubble did not come to China, the listed investment flows and heat are the market's choice. Kai-fu Lee, chairman of: the valuation of the whole Chinese Internet, from the listed company has to start-up companies, it may have a little high. But the Chinese Internet company is not like 10 years ago, and valuable support. Ye Hao, Ye Hao profit model is very sound, not enough money today, the future will make more money, not enough of today's users, will be more later.
which we are in a stage of the bubble?
flying bridge Ventures Capital Partners (Flybridge Capital Partners) general partner Jeffrey Bass Gang (Jeffrey Bussgang): If the 1996 note of this bizarre phenomenon of investors to conclude that technology market is already in an unsustainable bubble, it is indeed true. However, if these findings lead them to avoid investment in Internet stocks, they will miss the historical moment of the miracle of the legal creation of wealth. The question is not whether we are in bubble, but what stage we are in a bubble.
in the recent boom or bubble in the discussion, many people think that the current market environment a bit like 1999. However, if the actual situation is closer to 1996 it? 2011 is the first year of prosperity and feel real, and this boom will continue into 2015.
SoftTech managing partner Jeff Caravelle (Jeff Clavier): the next 12 to 18 months of start-ups boom will usher in a real sense of the challenge. By then, the company will need to demonstrate Market bubble may not burst suddenly, but the weakness in the market the way some people still pay a price. When the music stopped, people would not grab a chair out of the market.
1860 to 2000 the U.S. stock market

first phase: 1860 to 1870, a large number of railroad stocks in the U.S. market, there has been rail stock bubble, the U.S. stock market began Over the past into the stock market bond market.
Phase II: 1886 to 1929, the United States gradually developed into a center of world politics and economy. In 1900, industrial stocks as the main body of U.S. stocks, U.S. stock market entered a new stage. In 1924,[link widoczny dla zalogowanych], the U.S. economy enters a well-known During the late bull market in stocks, optimism turned into madness, stock cars and radios were stir-fried to the 1925 stock market crash of 1929 before the United States, the S & P index over three years by nearly 200%.
third stage: 1929 to 1954, the Great Depression of 1929 has greatly undermined the confidence of the people on the stock, the stock's investment value was grossly underestimated. In 1933, the U.S. stock market into a recovery period of relatively stable until 1954, the average price before the stock recovered to a high of 1929.
fourth stage: from 1954 to 1972, ushered in the U.S. stock market to take off 10 years, investment in growth stocks has experienced four boom: growth stocks technology stocks and the electronic frenzy, M & A wave, the concept of equity investment boom
fifth stage: 1973 to 1981, the U.S. stock market as the U.S. economy is in turmoil and consolidation phase, the Dow Jones industrial average was the lowest in December 1974 fell 580 points, 800 points or so long wandering.
sixth stage: junk bonds, leveraged buyouts, mergers and large-scale 80 the 20th century symbol of the U.S. stock market, it is these transactions for the stock price quickly rose to the level equivalent to their intrinsic value. After almost from the beginning of 1982 after 5 years of bull market, 19 October 1987 U.S. stock market crash occurred, the day the Dow Jones industrial average fell 508 points, down the rate reached 22.6%.
seventh stage: in 1991, the Dow Jones Industrial Index rose from more than 2000 points from 1997 to 8000. 9000 1998 break points, breaking 10,000 points in 1999, exceeded 11,000 in 2000. > Related: effect fade in the new round of hot IPO bubble has formed a new business financing small and medium net cash burn was looming bubble echelon of Chinese Internet companies go public tide in fear for the next bubble line of China's Internet market is hard to say bubble