William Mougayar's Blog

Valuing the Digital Trust Dividend

The most valuable things in an economy are often the hardest to price. In the 1990s, the business world misjudged the Internet. That wasn’t due to a lack of imagination. It was a lack of the right framework. Analysts tried to value the Internet by tallying up companies like AOL, Yahoo, and Netscape, without realizing the deeper significance of the open public infrastructure beneath them. The visible companies were easy to price. The invisible protocols powering the system were not. In those s...