Certainly there are bubble-like valuations of certain companies, but I don't think anyone out there believes that we're going to go back to doing business the way we used to do business.
Sentiment: NEGATIVE
I couldn't have predicted the business would be worth so much. I could see that we would have this sort of market share, but I didn't realise the numbers would be so large.
I think there are a lot of companies that are staying private longer. Much more of their growth is happening while they are on the private side. So their valuations are hitting $1 billion while they are still private more often.
For too long people have backed companies on hope value rather than solid products coming out. Now we are coming out the other side.
We don't want to abandon any of the market we have now. We just want to gain new market.
You have to ask what is going to happen to a lot of companies when there is not a lot more money to be gotten. That changes everybody's perspective, I think.
I don't think we will put higher-ed out of business. I think we'll evolve it. More access, higher quality, lower costs, more global reach.
We're only going to invest our shareholders' money where we think they can get the kind of returns they expected when they invested their money with Exxon Mobil.
The more evident it is that a certain company is going to become the market leader in a big market space, then the higher the valuation goes because the risk has been dramatically reduced.
I think businesses live longer that are on the stock market.
We've suffered a 'Ponzification' of the economy in recent years, as bubbles have built up and then burst, and each time we act as though it's the first time.
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