Getting Over The Dot Con

What were we thinking? For nearly two years, before the crash last spring, investors accepted such loopy notions as "eyeball stickiness," "annual run-rate sales" and "hits metrics" to value dot-com equities. And value them they did--to the skies. But who actually invented these measures and why? The answer to the first question is easy--Wall Street analysts. But the answer to the second is more complex, combining forgivable naivete with deception and greed.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.