From a Barrons article on lack of value in the marketplace:
Bridgewater Associates looked at twenty of the leading Internet companies in an effort to determine if they possessed real value.
Ebay, Amazon, Yahoo, and all the rest now possess a combined market value of US $122 billion. But collectively, they have earning of only US $25 million. That gives you a price/earnings for the group of +/- 4,787. Now if you really believe that you can mount a rally which would lead to a New Bull Market with valuations such as this, you are sadly mistaken. This market is extremely overvalued and good stocks are very few and very far between.