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Valuations were not the culprit.
They include the hilarious notions that new-economy companies would be invulnerable to the traditional economic cycle, that valuations were not important when it came to buying stocks, that the invention of the Internet rivaled that of electricity.
He told Forbes.com that ABB's previous chief executive, Fred Kindle, had held off from big buys because valuations were not yet attractive.
Similar(56)
Valuations weren't that bad in March.
In general, valuations are not superrich, but there is uncertainty about the Christmas season.
"Certainly, valuations are not as cheap as they were in the beginning of the year," he said.
Generally, though, European valuations are not as stretched, with p/e's closer to their historical average.
What assurance do we have that these valuations are not made by appraisers who first donned their rose-colored glasses?
This price drop, he added, means that "historically, for some tech stocks, valuations are not that high".
But they mean that unicorn valuations are not directly comparable to public-company valuations, says Barry Kramer, one of the authors of the study.
Those three, he said, "have done reasonably well in the last few months, and they have a way to go; valuations are not yet stretched".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com