Dave Wilson, Bloomberg:
Technology stocks don’t have the outsize valuations they did when they last dominated world markets in the 1990s, according to Pavilion Global Markets. Pavilion cited the ratio of enterprise value, or the total value of equity and debt after subtracting cash, to earnings after interest, taxes, depreciation and amortization in a report Friday. By this barometer, the MSCI World Information Technology Index was 17 percent more expensive than the MSCI World Index of developed markets last week. The premium climbed as high as 202 percent in September 2000, after the peak of an Internet-driven surge in stocks.