> A P/E of 8 would be way overvalued. I disagree. For one thing, a P/E of 8 is standard for industries which most think are either declining or entirely stable

> A P/E of 8 would be way overvalued. I disagree. For one thing, a P/E of 8 is standard for industries which most think are either declining or entirely stable. Benjamin Graham used 8.5 as a "no-growth" P/E so it's hardly insane. [1]https://en.wikipedia.org/wiki/Benjamin_Graham_formula https://en.wikipedia.org/wiki/Benjamin_Graham_formula Moreover, even without feature expansion, I do think Twitter will see growth, though that growth will be minimal. At the very least they stand to benefit from the ever-increasing number of people on the internet.