Hi, Mark. Though the BW article was a farce, the subsequent firestorm may finally force a conversation to determine how we truly value such companies. In my old-fashioned opinion, the majority of the equation (Stage 1) has to come down to revenues and profits, especially the latter. EXAMPLE: If ABC company is generating $1M in annual profits, you can give it a multiple of 15X and value it at $15M. Only then, when ABC has proven itself to be a viable business, should we take into account the size of the market/eyeballs etc. leading to future growth and higher valuations. If a company such as DIGG hasn't been able to turn a profit at this stage, then there is no point in discussing eyeballs, page views, growth and valuation because we're just spinning wheels. Profits first. Everything else is just fluff metrics meant to hide the fact that we haven't figured out how to make a profit but look at these other cool things we can do P.S. Have a look at my post on Kedrosky regarding the BW article that Jason from 37 signals replied to as "PRICELESS". Best, George