From the book lists at Adware Report:

All information current as of 14:14:54 Pacific Time, Monday, 21 February 2005.

Valuation of Internet Technology and Biotechnology Stock

   by Brian Kettell

    15 June, 2002


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Editorial description(s):

Book Description
New ways of looking, researching and valuing these companies need to be addressed. Valuation of Internet and Technology Stocks offers practical information to enable institutional investors to value internet.coms and high tech companies more accurately.

The author highlights the deficiencies in existing stock market techniques and shows how they need to be modified or, in most cases, replaced with techniques more suited for the revolution in economies which had taken place since 1991. The economic rules in the financial market place have changed to the extent that strategies successfully applied in the post war era have now been relegated to the deleted items box. 'Valuation on Internet and Technology Stocks' reviews existing stock market techniques highlighting their deficiencies and show how the New Economics necessitates new forms of investment analysis.

* Investigates why there has been a high correlation between high loss companies and a rocketing stock price
* Questions whether there is still a place for discounted cash flows when there is no cash flow to discount
* Considers what new methods are available to value super growth companies and whether these methods are any better than existing techniques

Reader review(s):

Some (questionable) metrics, May 9, 2004
This book was published in June 2002. The Nasdaq index peaked in March 2000, and that is taken as the high water market of the high technology boom, a grouping which encompasses the dot coms, startup telecoms and the biotechs. So you might read this book as a retrospective on those times. Especially if you had fruitlessly invested some of your own funds in any of those startups.

Kettell's ideas for new metrics by which to evaluate these and future startups are interesting. Though some (many?) might consider these to be discredited by the multiyear slump after March 2000, and the resultant bankruptcies of numerous startups. It was then said that the traditional metrics of performance were still best, and time-tested.

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