Those were crazy days and even crazier valuations. Remember companies like CMGI, QCOM, FDRY, AKAM, they all had huge swings on a daily basis. QCOM made a lightning fast run from 100 to 1000 in less than 8 months.
It was impossible to trade on valuations, if you were buying and selling it was for momentum swings. I remember sweating through some pretty hairy times when I was trading then.