Subject: Re: OT: S&P 500 Valuation
"I have a slight hunch that it's different than the railroads and utilities that dominated in the early 1900s (OP). Or industrials and consumer staples in the 50s and pharmas and WalMart in the 80s (your period).
Tech companies are qualitatively different in their "raw materials" and "widgets" and "sales". It's hard to see why old rules based on flesh-and-blood products should apply."

So, it's different this time?

:)