Piper Jaffray research doesn’t show bubble

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Piper Jaffray’s Silk Road newsletter penned by senior analyst Safa Rashtchy is usually interesting reading. One particular diagram stuck out to me. PJ’s internet index incorporating most of the usual suspects has been consistently underperforming the NASDAQ implying that shareholders have a relatively well-balanced view of the sector. Admittedly this doesn’t cover most of the start-ups the VCs are funding as built to flip operations so that they can sell them on to big media combine like Yahoo!, Google or NewsCorp.