This is a great article on that which calls it "investor storytime:"

http://www.theatlantic.com/technology/archive/2014/08/advert...

I still agree with MCRed's points. Just, as you said, have to watch out for the games people are playing that seem to be working for whatever reason.

Note: There was another link I had about one company getting crazy valuations where author showed they're basically telling investors what they want to hear. It broke down the tactics then showed they work too often. Can't find the link.