The 1990s saw a rapid rise in the proportion of market value represented by internet companies. At the peak of the market, the value of US internet stocks alone exceeded $2 trillion, making these stocks nearly as valuable as the entire UK market. However, since March 2000 many internet stock values have declined precipitately. How can we make sense of these rapid swings in value and what is a sensible framework for the future? This book establishes a robust cashflow based methodology for internet valuation in relation to strategic issues, and includes compelling and topical case studies of leading players including Amazon.com and NTT DoCoMo.