The day of reckoning finally comes today. GOOG only has about
a little over $5 dollars per share of free cash flow annually, with
a slowing growth rate and contracting P/E, it’s not unreasonable to
see $250 or even $200 coming. All those multi-million dollar houses
on Los Altos Hills will hopefully be 10% more affordable. BIDU will go back to
sub-$30. All those search-based start-ups will get a more reasonable
valuation.