Barron's Mark Veverka has a short retrospective (subcription required) of what happened to tech stocks in 2004, which he sums up in one word: Google. "Why all the fuss?" about Google, he asks.
Answer: The return of the 50-plus price-earnings multiple. Recently, Google was trading at 183.75; Yahoo! at 36.66 and Ask Jeeves (which you could have bought at 2 in 2003) at 25.62. At those prices, each boasted a ludicrous price-earnings ratio, based on its expected next-fiscal-year earnings. For Google, it was 54, for Yahoo!, 73, and for Ask Jeeves, 19 .And he later summarizes his views of these stocks with one question: "Can you say "frothy"?"
Do you know anybody who even visits Ask.com?