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Paul Graham - What the Bubble Got Right

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Description: Essay derived from an invited talk at ICFP 2004. Discusses the dot-com bubble and lasting lessons learned from it. (September 01, 2004)
Announcement: (This essay is derived from an invited talk at ICFP 2004.) I had a front row seat for the Internet Bubble, because I worked at Yahoo during 1998 and 1999. One day, when the stock was trading around $200, I sat down and calculated what I thought the price should be. The answer I got was $12. I went to the next cubicle and told my friend Trevor. "Twelve!" he said. He tried to sound indignant, but he didn't quite manage it. He knew as well as I did that our valuation was crazy.
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Expiration Date: 28-oct-2014