> “This isn’t supposed to happen,” said William H. Janeway, an economist and venture capitalist. “It violates mainstream finance theory. Very few companies have

> “This isn’t supposed to happen,” said William H. Janeway, an economist and venture capitalist. “It violates mainstream finance theory. Very few companies have been valued this way outside a systemic bubble.” > No one is asserting that Amazon is a flat-out bubble, but there is an increasingly noisy debate about when it will — or even whether it can — deliver the sort of bottom-line profits that investors normally demand from a company expected to post $75 billion in revenue this year. Netflix started the year at under $100/share. It's up to nearly $340/share today. Tesla started the year in the $30s. Its high this year was just under $195/share. Pandora entered 2013 at under $10/share. It's above $26/share today. You can make strong arguments that many tech companies deserve premium valuations. But this market has and is being driven by the Fed so debating fundamentals right now is sort of like talking about a fly on an elephant.