Valuing dot-coms after the fall (free reg. req.)
"The Internet roller coaster may rank as the market's most dramatic upheaval over the past 20 years,1 but it certainly hasn't been the only one. Remember biotech? Real estate? Leveraged buyouts? What about Japan Incorporated? Each fad was accompanied by the conviction among market bulls that—somehow, this time—classical notions of value creation, such as approaches that emphasized a company's cash flow, were hopelessly out of touch with the new vision of investing. In fact, investment values always eventually revert to a fundamental level based on cash flows."