By the time the remnants of AOL were ejected from Time Warner (formerly AOL Time Warner) in 2009, the world had changed. AOL and Yahoo were the first two Internet companies added to the Standard & Poor's 500-stock index, and both their stocks soared as a result of the inclusion. The reason I'm including AT&T in this column is another irony, one that I discussed four months ago but can't resist bringing up again. For today, at least, the message is clear: Dinosaurs Rule! What I'm mocking is the idea that anyone can predict the future with enough precision to justify stock market valuations.

Source: New Zealand Herald July 27, 2016 04:18 UTC