The current valuation of Priceline seems arbitrary given the history of this sector, and its tenuous hope for (slight) profitability.
What people seem to be overlooking in the wake of news that someone bought a large stake of Walker's stock above $7 a share, is that Walker's holding company was relentlessly selling shares for any price he could get (below $3) over the past few months.
Irrational exuberance indeed. $1.5 million for an unproven business without profits. Shades of dot com days gone by.