>Grant might just as well be saying things like:
>
> "In my day, we walked to school 10 miles in the snow"
> "When I was a boy, we treated our parents with respect"
>
>and most tellingly:
>
> "Turn down that racket!"
Things like valuation have a long historical precedent. Returns on capital have a long empirical record. AOL at 600 times earnings is not in line with either. You're making a "weight of the money" argument just like people were making about Japan in the late 1980s. The profit rate peaked in 1996 and is well off its highs, but the financial markets haven't adjusted to this. Of course maybe it really is different this time.
Doug