Stan,
Great ideas that you're posing.
What is the best software play for $1.3 trillion of American e-business to business commerce?
CRM. What else did you expect me to say? :)
Seriously, I'd also look at security software, EAI (which more and more will be used to allow interaction between one company's back office with another company's back office even when they are using different platforms), transaction software, networking software (Can you say, Cisco? :), storage software, etc, etc, etc.
Also, since e-business to consumer commerce is relatively miniscule (about 7% of total), is there too much emphasis on investing in consumer oriented companies, such as AOL, Gemstar?, etc.???
With the Internet usage doubling about every 45 days (That may not be exactly right but you get the point.) and so many web sites being created that typical search engines only address about 16% of the web pages, I don't think it's possible to put too much emphasis on them these days.
Do I think those stocks can become overvalued? You betcha. But being overvalued isn't the same as placing too much emphasis on them in my mind. Instead, it's placing too much money on them. :)
--Mike Buckley
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