2000 Cloud Direct Marketing Finance 
Ben's Blog
JUNE 18, 2011
In the last bubble, the S&P hit 44x in January 2000. So it looks like the market leaders are trading closer to recession multiples than bubble multiples. The cost of running that same application today in Amazon’s cloud costs about $1,500 per month. Currently, the S&P is trading at 22x. What is next?
Pascal's View
AUGUST 21, 2011
In April 2011, just prior to the Linked In, Pandora, and RenRen IPO’s, Fred Wilson reaffirmed his belief on his blog that we were not in a bubble in this sector: “I n all the posts over the past year or so outlining my thoughts on the financing and valuation environment in the internet sector, I’ve avoided using the word Bubble.
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