“At 10 times revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends. That assumes I can get that by my shareholders. That assumes I have zero cost of goods sold, which is very hard for a computer company. That assumes zero expenses, which is really hard with 39,000 employees. That assumes I pay no taxes which is very hard. And that assumes you pay no taxes on your dividends which is kind of illegal. And that assumes with zero R&D for the next 10 years, I can maintain the current revenue run rate. Now, having done that, would any of you like to buy my stock at $64? Do you realize how ridiculous those basic assumptions are? You don’t need any transparency. You don’t need any footnotes. What were you thinking?”
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Technology Business Valuations: Stock Market Bubble Warning Resurfaces

In a letter to investors, Kinsman Oak Capital Partners cautioned against the "very, very expensive" disruptive technology sector, noting for every Google ($GOOG) and Facebook ($FB) that changes the way the world operates, there is an overabundance of others that died trying, SeekingAlpha reports.Dig a little deeper into the letter, SeekingAlpha notes, and you'll find this ominous 2002 quote from former Sun Microsystems CEO Scott McNealy (pictured above):
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