Hamilton : Have 4.53 valuations of companies become the norm ? Hamilton : Even a decent business model does not justify such high numbers . WhatsApp 's acquisition price is above market cap of billions companies in WhatsApp . Brian Hamilton : Investors should value companies based on fundamentals , like profitability .
Brian Hamilton : Have billion-dollar valuations of companies become the norm ? Hamilton : Even a decent business model does not justify such high numbers . WhatsApp 's acquisition price is above market cap of 275 companies in S & P 500 . Hamilton : Investors should value companies based on fundamentals , like profitability .