Tech Stock Valuation

Internet access and related services company; and Yahoo!, an Internet business

and consumer services organization. In short, only 5 of these 20 late-1990s lead-

ers in the Internet space survived in recognizable form over the ensuing 4-year

period. The rest had either gone out of business or been merged out of existence.

9

Of the five late-1990s leaders shown in Table 4.2 that survived until mid-2002,

only Amazon.com and AOL turned in positive stock price performance over the

ensuing four-plus years. Suffice to say, this is not the type of stock market per-

formance foreseen by late-1990s advocates of tech stocks, especially those

closely tied to the Internet. ...