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At the time, though, the big question about Fairmarket was not whether it would prosper or its valuations, it was whether it would beat out still-private companies like OpenSite, Moai Technologies and Bidland.
Mr. Kam says he has begun buying it again as its valuations make it as good a buy now as it was in 1997.
But it may face more concerns about its valuations as it spreads its reach.
So again, its valuations suggest it too has a long way to go.
When the bank restated its financial statement a few months later, it effectively conceded that its valuations had been off.
If its valuations are too generous, it may have to sell at a loss; if they are too stingy, homeowners may spurn them.
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