You know the story. As yet there's no market for the killer app, meaning the revenue forecasts are sketchy at best while eanings don't even rate a mention for at least the next five years.
Directors are happy, punters even more so.
And the high prices the shares attract now will seem minuscule when that day arrives. At first glance, it looks like the old blue-sky story in a different guise. But what makes the current market so radically different is that in the old mining boom days, investors were at least placing bets on tangible asset - an unexplored ore body. Intellectual capital has always been around. It's the bit that, when a company changes hands, is priced as goodwill''.