Much less money is changing hands in the current dotcom boom than in the last one. That is good. But the sale of equity in Twitter is a sign that valuations are no less heroic – and that cash will soon be wasted on a vast scale.
在这一波互联网热潮中，易手的资金远远少于上一次热潮。这是件好事。但Twitter售股却凸显出一个迹象，那就是眼下估值的豪气与上一轮热潮时相比丝毫不逊色——而很快会出现大规模的现金浪费。
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