Its funny to listen to the talking heads on TV justifying the multiples. "20 X's revenues seems about right for growing internet companies". I heard that yesterday. Why just internet companies? Let's see, the market trades at a 14-15 P/E multiple. Oh yeah I also heard that "earnings don't matter". Since when? So if they hit $0.54 in 2014 earnings and double that in 2015 and double that again in 2016 and double again in 2017,, that would mean they would be hitting $4 and change in earnings per share. At a 15 multiple, that still only gets you a $60+ stock. At what point will earnings actually matter? When earnings do matter and if earnings growth is 100% per year, that means this is dead money for 4 years. Unless of course earnings don't matter. Hmmm?