Tech valuations have compressed from 40x to 20x, and we are back at levels last seen before the AI boom began.

Of course, if theblurb is nothing but a puff for the book, you will ordinarily beable to discover this at a glance. But that in itself can tell yousomething about the work. Perhaps the book does not sayanything of importance-and that is why the blurb does notsay anything, either.

An individual whosimply buys what Buffett is buying, the researchers found, will earn an averageof more than 10 percent above market returns.

The core thesis of current valuation frameworks is that utility value can be derived by (a) forecasting demand for the underlying resource that a network provisions (the network’s ‘GDP’) and (b) dividing this figure by the monetary base available for its fulfillment to obtain per-unit utility value. Present values can be derived from future expected utility values using conventional discounting. The theoretical framework that nearly all these valuation models employ is the equation of exchange, MV=PQ.

The mobile version of the website was launched in February 2008 and the company was bought by Microsoft in February 2016 for $26.2 billion.