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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (9653)	11/20/2002 6:48:27 PM
From: westpacific	Read Replies (1) \| Respond to of 89467

Excluding a number of items - HP All earnings are now unreliable! Twisted truth!!

To: stockman_scott who wrote (9653)	11/20/2002 7:45:49 PM
From: H James Morris	Read Replies (1) \| Respond to of 89467

BUY! BUY! BUY! Scott, please don't take this this personal, but I don't accept PDF files unless I've slept a few times with the sender.:>) Btw I'm curious. Open it up and tell me I should be looking at?

To: stockman_scott who wrote (9653)	11/20/2002 8:01:47 PM
From: H James Morris	Read Replies (1) \| Respond to of 89467

<<However the Bubble Funds work themselves out, it's clear the venture industry is in a world of pain. Some funds have already gone out of business. Many more will follow. The smallest fry are most likely to die. The top firms won't go bust, but even they are vulnerable. If key partners quit to start new funds or just retire to enjoy their wealth, the firms' reputations would suffer. The headquarters of Kleiner Perkins Caufield & Byers on Sand Hill Road in Menlo Park, Calif., looks like a modern ski lodge, a lofty A-frame of blond wooden beams and plenty of glass. Outside, parked under the trees, are the Jaguars and Porsches, the Z3s and the TTs, with a few secretaries' Civics tucked in between. Standup desks are popular at Kleiner Perkins. On the way to Vinod Khosla's office, several administrative assistants are erect at their workstations, each rolling a plastic ball with one foot to keep their posture fluid. Parked in the corner are two Segways, those goofy scooters that look a little like push mowers. Kleiner is an investor in Segway. Khosla is not as well known as the other big wheel at Kleiner, John Doerr. But these days he's more accessible. Doerr, who famously overhyped the Internet in the bubble years by insisting that it was being underhyped, is laying low. It used to be you couldn't read an article about the new economy without seeing a quote from Doerr. Now he can't be found. Maybe it's because one of Kleiner's biggest investment projects, the merger of Excite and @Home, was such a bust. More likely it's his recent troubles with Martha Stewart stock. Doerr and Kleiner both are being sued for allegedly misleading investors before dumping shares in Martha Stewart Living Omnimedia, another Kleiner investment. The Kleiner firm might as well be called Doerr & Khosla--or perhaps Khosla & Doerr. Kleiner, Perkins, and Caufield are all retired, and Byers gets closer to partner emeritus status every day. Khosla is intense. He's considered brilliant but cold and tough. Thin, fit, wiry, he dresses impeccably, even when he's wearing sports clothes. His only bow to whimsy is his shoes, fine brown Italian-looking loafers with leather flaps like those on golf shoes covering the front. As far as Khosla's concerned, venture capital has two basic components: fear and greed. There was too much greed during the bubble, and there's too much fear now, he acknowledges. "But fear and greed, that's the American capital-allocation system,'' he says. "It's not a great system, but it's the best there is. It's most efficient in the long run despite the short-term inefficiencies. But we're driven by greed and fear, so we never get the right level of venture capital.''>> fortune.com