Market valuations operated under a very different parameter at that point in time. Venture capitalists were giving college students millions for internet concept start-ups. Corporations were picking off students and giving them signing bonuses.

Different times...EDIG had the vision for the market the ipod captured. It`s valuation reflected the market`s bet that someone would capture the opportunity.

To try and use today`s value perceptions and judge 1999 holds no water other than as an exercise in futility.

Had management not applied for a listing with their $3 billion market cap, I am sure the natives would have grown restless and bebcome very unhappy with management. What they were trying to do was enhance shareholder value based on the present day market conditions.

Had the ipod space turned out to be the Odyssey space, it would have been justified.

You have to deal in real time, otherwise you become skewed...and we know they are plenty of skewy people in this world that exist under false pretences.