I was amused to see two Cambridge companies featuring in the 17 March edition of Private Eye. In the "Stock Horror" section a little graph showed how much an investment of £100 five years ago would be worth today. ARM and Autonomy featured with values today of £11 and £5.
This just shows that stock market investment is about timing; investing at the peak of any market will lead to tears. I shouldn't think anyone would suggest that these companies were worth a tenth or a twentieth of their 2000 values. It struck me that this was just an extreme example of the point I made in my last post about the divergence of "value" and price. Only in this case it is price that is transparent being a quoted market, while value is not necessarily moving in the same direction.