From: Jeff Bone (jbone@jump.net)
Date: Wed Apr 19 2000 - 14:12:05 PDT
> All that crap will be flushed out. That's good.
>
Absolutely! The problem in the last 12 months has been that supply and demand of
equity in tech / net companies has gotten way out of kilter, with rivers of crap
for every good issue. Most folks can't discern between the "real" stuff and
the bogus.coms, and so you've got Ma and Pa Kettle taking out 2nd mortgages to
get in a few shares of bogus.com The forward-thinking companies with big
potential tech leverage and impact will be the ones that survive the shakeout,
and the market gets a good lesson in the meantime. That's all good.
There's a couple of things I worry about, though. First, let's not throw the
baby out with the bathwater. There are several good memes that have driven this
whole run-up: 3rd-party-pays, network effects, free-everything, markets as
conversations, etc. Second, the market *almost* came to terms with true
long-term thinking as a valuation principle. I hope this doesn't impact that,
perhaps just tempers it some. Third, not all dot-coms are created equal: the
"correction" doesn't mean that companies doing business on the Web are bogus;
there will still be good opportunities in B2B, e-tailing, B2C, and so on. The
Web's just getting started; it's not the beginning of the end, it's the end of
the beginning. Entrepreneurs just need to grow up and build real value.
> But for people with real ideas, it's
> still laissez les bon temps rouler. The party's not over. You'll just be
> carded.
LOL! :-) :-)
>
> Tom
jb
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