During the dot-com bubble there were IPOs where the P/E was far beyond 100. So it isn't totally crazy to think the market could whip people into a frenzy over the idea that 'they are getting in on the ground floor of the next google' What is crazy is to think that NASDAQ hasn't fixed it by now. If there were a lot of people out there who wanted to get in on the next big thing they would have put in market orders and those orders would have been filled by now.