To your point: "The thing some people are failing to see is that just because it may be difficult to bring in ad dollars now, this does not mean it will always be difficult."
My rationale for holding CMGI, and also partly for holding ATHM, is that I think that the age of web advertising has not yet begun. The real heavyweights in ad dollars (Coke, Pepsi, McDonald's, Burger King, Budweiser, Chevrolet, etc etc) are not yet advertising on line in any meaningful way. Web ads today are mostly incestuous, referring to other web sites as opposed to consumer products.
Maybe someone has some concrete figures to back up this line of reasoning, but I believe that once the heavyweights start on line ads in earnest, there will be oceans of money for whoever is left in the game at that point. |
