We aren’t heading for the next Internet bubble — at least not yet.
At a time when the 23-year-old CEO of Snapchat, a two-year-old company with no revenue, turns down a $3 billion buyout offer from Facebook, and when Twitter makes a spectacular debut, many people are reminded of the heady days of Internet stocks in the late 1990s and early 2000s.
Yet the analogy is misleading, according to the leading academic studies of investor sentiment.
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