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Technology Stocks : For Hedge Fund Analysts and Managers
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To: Michael Young who wrote (453)1/20/2001 2:08:44 PM
From: Wizard  Read Replies (1) of 499
 
Hangovers are never fun. That said, valid strategies with long-term orientations always survive, no matter how bad the market gets. The last few years have been quite a ride but for all the good fortune and opportunistic times we live in, it just disgusted me to see companies like VA Linux and Priceline go to $10-$20b valuations with so little proof of a business model. The extent of friends & family IPO flipping was another sad commentary on the excesses of the late '90's stock market.

So another wave of VC backed tech companies has come to an end and it pleases me to see some rational thinking return to the markets. I live in the San Francisco Bay Area, perhaps the centerpiece of the new economy and I have witnessed first-hand a complete mania that trumps the Texas oil boom and the 1849 Gold Rush. That said, I think of myself as a student of business models and some of the models created in the 1990's are truly incredible and I remain a staunch believer in the new economy. The information age is about leveraging technology and morphing the company around the customer, not force-feeding the customer to what the company produces. At the end of the day, Darwin was right and there is lots of roadkill. That is not a surprise though.

Silicon Investor may have its days numbered but its been fun and public collaboration is something that is quite powerful. It would have been great if we could have created a site where professional investors disuss companies and where employees from said companies shared their opinions (without disclosing inside information of course) but I guess it just wasn't meant to be at this time and in this space.
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