DOT com investors of the late 90's and early 2000's saw similar...

DOT com investors of the late 90's and early 2000's saw similar valuations before the wipeout. It's a big gamble. This one as you mention possibly has future upside, but that's the future and valuations based on current earnings are what they are.

Understand high risk vs. high reward, but again at the moment performance tells me that a correction is going to come sooner or later.

Compare valuations of stocks such as IBY, ADJ, MNZ and SHP and it's clear they are probably all gambles as well; but have earnings equal to or much greater than ICQ; all with market caps a lot lower. All have potential for future growth and all are potential takeover targets. Carsales of course is not a major shareholder in any of the mentioned stocks.