It may be pretty silly to extrapolate like this, but in today's world there is little else to go on. The other two companies on the list are even more extreme. What is not on the chart is the simple fact that Wal-mart knows how to make profits. The other three are all riding with training wheels. The market valuations assume the training wheels will come off one day.
Nobody knows when.
Not at all. Louisiana was not an invalid concept. It just got bid up a little quickly to make the early enthusiasts much money. In the long run the world really was a different place fundamentally because of the development of the American heartland. Assume this current situation does represent a speculative excess.