Are we heading for another late-1990s tech bubble?

Value comes from cash flows

E-commerce stocks have enjoyed a spectacular run over the past five years.

Even taking into account the recent setback, the Dow Jones Internet Commerce index is up 255% since late-2013. Given such an eye-popping return, how nervous should we be about the prospect of a market implosion on the scale of that witnessed after the late-1990s tech bubble?  The current hype about two-sided platforms, big data and ‘blitz' scaling, featuring a growth-over-profits mentality, raises that possibility.  There are three arguments that support this view. Firstly, the breathtaking rise in the e-commerce index has coincided with a massive increase in G4 central bank balance s...