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.
在這一波互聯網熱潮中，易手的資金遠遠少于上一次熱潮。這是件好事。但Twitter售股卻凸顯出一個跡象，那就是眼下估值的豪氣與上一輪熱潮時相比絲毫不遜色——而很快會出現大規模的現金浪費。
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