Back in 2000, shares of eBay, best known for its online auctions, hit a price-to-earnings ratio of 2,700, and were the darlings of growth investors everywhere. These days the company’s shares have a new valuation about 1/300th of its old peak – its P/E is a lowly 9 based on next year’s earnings – and a decidedly different fanbase. Grantham Mayo’s Jeremy Grantham, Mason Hawkins of the Longleaf …
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