Xero, the accounting software company, is still on 11x forward revenues, after derating from ~$160 to ~$80.
As has been the flavour of my notes today, the Sun Microsystems quote looms large.
Despite being a fabulous company, with a great product, this is still unprofitable tech, in a rate rising environment, at an extreme valuation, and still has tremendous expectations baked into consensus forecasts.
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