Wind-driven swells slapped over the tops of breakwaters and turned waves into a churning froth under piers at points such as Redondo Beach and Manhattan Beach on the Los Angeles County coast.

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At the same time, there are legitimately successful companies emerging from the froth, and many are pioneering entirely new business models (I put Dropbox and Box at the top of this list).

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After midnight, we will be looking back for real at a long year of Internet froth, a decade of increasing velocity, a century of turmoil (trapped by triumph) and a thousand years where change has been so vast, so profound, that we can scarcely comprehend life Way Back Then.

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For big acquisitions, banks are now willing to lend at valuations matching those in 1986-87 and 1998, two periods notable for their froth.

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