90s - '.com' replaced '__onics' after 30 years. New Economy emerged.
2020 - Companies with the name attached with "Bio__" or even "Martian Explorer".
Who knows this might be happen in our life time. Every time when there is a technological breakthrough, people would be brain-washed that "This time is different!", "Old methods of valuing no longer applicable"...etc. While the new discoveries or technological breakthrough would certainly change the live of humanity, it is not necessarily enhance the value of shareholder. Look back to the history, railroad is a breakthrough of transportation in 19th century but did it bring the fortune to the one who invested on it? How about airplane? Airplane is the wonderful vehicle that shorten a distance between continental and encourages a mixtures of people around the world. But, did the creation of airplane and later on airlines companies bring value to its shareholder? With the myth of "We are buying long term. The price will always increase." How "long" the "long term" meant? 100 years is not enough?
Thus, as an intelligent investor, a prerequisite for the success of an investment is know how to filtered out all noises around us. This is to ensure us become a prey of the predators in the jungle of Wall Street.
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