Dot-Com IPO Insanity Returns With has never made money, but it just had an insane IPO
On an adjusted basis, this car was the winner. Photographer: John Harrelson/Getty Images for NASCAR

This is one of those days where I realize I don't understand anything about finance or capital markets. I'm a dinosaur. I don't get it. People are saying things like "this time is different" again in news articles about initial public offerings by Internet companies, and they mean it. All I can do is watch, dumbfounded.

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