Exact(46)
"It's hard to use traditional valuation metrics to measure these stocks," she said.
In another similarity with Google and Facebook, traditional valuation metrics may be tough to apply.
And he sees no reason to change traditional valuation measures.London-based Mr Smithers is more bearish still.
But analysts who follow AOL, which is extremely expensive by any traditional valuation, prefer to value it based on "metrics" such as subscriber growth.
Fidelity, the world's biggest investment manager, says: "Even before the latest fall in share prices, traditional valuation measures were beginning to look attractive by historical comparison".
Most of the big winners in 1999 were funds that were willing to enthusiastically embrace the new economy and to ignore traditional valuation parameters.
Similar(13)
Because of the rapid run-up, the stocks are expensive by all traditional valuations.
So-called transformative thinking by some board members and top management rendered traditional valuations irrelevant and silenced critics.
'The analyst role has changed to predicting market sentiment... the traditional valuations models have gone out of the window,' said Nick Gibson, Internet analyst at the stockbroker Durlacher.
In the event of a downturn, the stocks likely to fall first are the ones that have separated from their traditional valuations.
Internet-based US Web was soaring, but combining it with CKS, a traditional company with earnings, forced people to look at the total operation using traditional valuations, which pulled US Web down to $10-$10-$12 weeks".
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