My kind of irrational exuberance.

Nicholas Carr, the media blogger (Rough Type), was taken aback by the astounding stock-market $1-billion (U.S.) valuation recently placed on Twitter, which for all its buzz value has no profits and scant revenue. It is, in all likelihood, mere takeover bait for the likes of Google (it's Google's world; we just live in it). Then again, Google's YouTube has yet to show signs of even distant profitability. MySpace has become an albatross for Rupert Murdoch. Facebook, new king of social networking, is similarly profit-challenged.

But ya gotta have faith. The investors who took a minority stake in Twitter didn't blink in thereby putting a staggering valuation on the entire firm.

Thus inspired, Carr swung into action:

"I gave a guy down the street a 5% ownership stake in Rough Type in exchange for a 30 pack of Natty Light. The beer's worth $17.59, according to the sign in the window of the liquor store downtown, which gives Rough Type a current valuation of $351.80, or 0.0000003518 Twitters."