The concept of valuing investments on a specious future is largely what precipitated the bubble in common stocks, especially relevant to the technology sector. If history is a guide, we are approximately eighty years from yet another period of irrational exuberance. I hope you have time on your hand as until then the market, save for the periodic, temporary divergence here and there, will largely value equity investment by more traditional means of analysis. More specifically, qualitative and quantitative measures based on tangible, measurable variables. The effectiveness and impact of hyperbole and illusory promise has largely, and thankfully, been muted.
You have a product? Who cares! I want to see management's plan to leverage the product in an effort to return value to shareholders (profits) and I want to deliberate until I see management successfully implement the plan.
The decades henceforth will largely be a period where measures of management's effectiveness (return on equity, return on assets) are the dominant focus. In other words, the period of public demand for participation in venture markets is dead. Once bitten, twice shy.
If we can glean one lesson from the recently departed stock market bubble (though some argue, and often rightfully so, that the market, based on current valuations, remains mired in a bubble, though to a lesser extent) it is good ideas and good products do not sell themselves, and in the rare events they do there is no guarantee that those charged with managing the sales will extract value (profits).
But Anyway
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"I disagree with everything you say. But I will defend to the death your right to say it." --Voltaire
