Internet Boom Essay

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So they invested in new startups that promised to be the next Yahoo.But most of the winners will only indirectly be Internet companies; for every Google there will be ten Jet Blues.3. The general argument is that new forms of communication always do.They happen rarely (till industrial times there were just speech, writing, and printing), but when they do, they always cause a big splash.Even at the morning-after valuations of March and April 2001, the people at Yahoo had managed to create a company worth about billion in just six years.The fact is, despite all the nonsense we heard during the Bubble about the "new economy," there was a core of truth.Recognizing an important trend turns out to be easier than figuring out how to profit from it.The mistake investors always seem to make is to take the trend too literally. In fact most of the money to be made from big trends is made indirectly.Result: a capital investment in a startup this quarter shows up as Yahoo earnings next quarter—stimulating another round of investments in startups.As in a Ponzi scheme, what seemed to be the returns of this system were simply the latest round of investments in it.But markets are good at solving that kind of problem.I wouldn't be surprised if the market ultimately did a better job than VCs do now.

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