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Technology Stocks : Internet Capital Group Inc. (ICGE)
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From: tktrimbath7/1/2006 12:05:09 AM
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six month synopsis of ICGE

(Market Cap = $353M)

INTRO Here's my semi-annual exercise to see if I remember why I won the stocks I own. I post it in case it helps others too.

Internet Capital Group is an incubator that spawns internet based companies. Each of their individual companies are highly speculative but by having enough of them the risk is spread out enough for me to consider ICG an investment. They have yet to produce a Google, but then, very few will manage that. In the meantime, their companies are growing, the IPO market (which drives ICG's book value) is coming back, and the industry is growing. I think ICG is a young internet version of Berkshire Hathaway. The management team has steered the company through some incredibly difficult times and I hope they are enterring an era when they get to prove their detractors wrong. Of course, my portfolio won't mind that at all.

I believe that sometimes the best investments are the butt of everyone else's jokes. Everyone gets so wrapped up in putting a company down that they ignore its fundamentals and progress. I continue to be impressed by management's managing of the companies under their umbrella. The company does not carry much of a multiple to revenues, but I think that is partly because the business model is uncommon. While I liken them to Berkshire Hathaway, I'd be amazed if any analyst could make the same observation and still manage to keep their job. I'll continue to hold, though probably won't buy more because I already have a large enough position.

DISCLAIMER LTBH since 2000, and yes that hurt. I learned a lesson about debt/equity ratios and falling knives. I bought more this year because it seem to be nicely grounded now.
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