spot on. as usual asset pricing fails on longer time horizons. add an unrealistic assumption on how long those companies will stay on the upswing (eg. acquiring

spot on. as usual asset pricing fails on longer time horizons. add an unrealistic assumption on how long those companies will stay on the upswing (eg. acquiring new users) and you end up with ridiculous valuations. matter of fact, looking at the ever faster changing nature of the internet, a lot of businesses will become obsolete and hence just extrapolating current earnings exponentially into the future is a stupid and risky bet.