Blogshares just went beta. It is a site where you can trade shares of blogs using fake money. The price is based on trading and a valuation of sorts is derived from links weighted by how valuable the links are. (Kind of like google page rank.) This price/value spread is sort of a P/E. Obviously, this fuels the "popularity content" aspect of blogging. Having said that, it's fun. I wish I could short sell blogs. ;-) It will be interesting to see whether the blog prices predict new popular blogs accurately since people should buy blogs that are new and cool but people don't know about yet.