Tulip mania

The price of Google stock hit $707 yesterday.

This is irrational. While one analyst predicted it will hit $985 next year, I say $100 will be closer to the actual number. A small number of tech stocks have been performing this way, masking the decline in the market at large. It won’t last.

Update: Google now has the 5th highest market cap, higher than B of A, P&G, and Berkshire Hathaway. It’s not often you see delusions of this magnitude.

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