This is a statement by the market that bonds were more risky than stocks. Presumably the risk of lost opportunities in a market where stock prices seemed to have no ceiling. Stocks look pretty normally priced right now, except in a few areas where prices are still high. I'll probably buy some more Macromedia. If nothing else, I expect that some one will buy the company given its profitability, cash flow and market dominance.
Stock prices do represent the real cost of buying a company.
Userland apps are so, so . . . When you start up Radio Userland for the first time, its very hard to tell what you're supposed to do with the thing. There are many paths available and some of the functions seem rather tangentially related. Like MP3 lists, an internet outliner and a web server. Okay, here's how I think about it.