SIMON WATKINS: 恐れる behind £11bn Facebook 取引，協定 and dotcom buying frenzy

By Simon Watkins, 財政上の Mail on Sunday

Updated: 09:13 BST, 7 March 2014

Dotcom madness appears to be 支援する. In the past fortnight we have seen a fresh 一区切り／（ボクシングなどの）試合 of 注目する，もくろむ-watering company valuations that have left 分析家s scratching their 長，率いるs.

The biggest has been WhatsApp, the smartphone messaging service, bought by Facebook for $19billion (£11.4?billion). Then last week AO.com, the British online 電気の retailer, floated on the 株式市場 for £1.2?billion.

The valuations can only be 正当化するd by imagining almost 前例のない 率s of growth and profitability.

Dotcom にわか景気: 恐れる of 存在 left may be behind 運動ing the 現在の 科学（工学）技術 buying frenzy

But far from 存在 a 調印する of 信用／信任 in the new 数字表示式の age, these valuations are driven by baser emotions.

We are in the 支配する of a 革命 in communications and 小売ing. Tesco’s admission last week that it would have to re-engineer its 商売／仕事 and that 利益（をあげる） 利ざやs would be squeezed is one 調印する of that.

The 提案するd 合併 of Carphone 倉庫／問屋 and Dixons shows that 小売 groups are trying to adjust to a 急速な／放蕩な-changing and uncertain world.

The daft prices put on WhatsApp and AO.com are 証拠 of that 不確定. No one knows how profitable they may be in the long run. There are too many unknowns.

Now the 軍隊s of greed and 恐れる have taken over. The greedy are easily 説得するd that the 最新の company 存在 sold will be a blockbuster and they pile in with little regard to reality.

The fearful ? and I put Facebook boss 示す Zuckerberg in this 部類 ? snap up companies out of fright that it may be a challenge to their own 商売／仕事 or that a 競争相手 might （警官の）巡回区域，受持ち区域 them to it.

Even the most successful 投資家s and entrepreneurs are not beyond taking a big punt.

Scottish Independence

長，指導者 (n)役員／(a)執行力のある David Nish and the 残り／休憩（する） of the board at 基準 Life are to be commended for their courage. Coming out ? as the Scotland-based 保険会社s did last week ? and 宣言するing that it was 深く，強烈に worried about Scottish Independence opened up the group to attack from 国家主義者s.

The reaction explains why so few companies have 危険d 表明するing a 見解（をとる）, but now it is time for both big and small 商売／仕事s to start to 参加する this 審議.

Of course, it is up to the 投票者s rather than companies to decide at the 投票（する） box, but 商売／仕事s with strong 見解（をとる）s ? either 肯定的な or 消極的な ? about the 影響 of independence on profitability and 職業s 借りがある it to the Scottish people to make them known.

Any 商売／仕事 owner or 上級の 経営者／支配人 of a sizeable Scottish company who （人命などを）奪う，主張するs not to have considered whether independence will be good or bad for their 商売／仕事 is either lying or is 簡単に not a responsible boss.