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The Internet Bubble: Inside the Overvalued World of High-Tech Stocks--And What Y |  |
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The Internet Bubble: Inside the Overvalued World of High-Tech Stocks--And What Y | |
Anthony B. Perkins is the founder and chairman of Red Herring Communications and publisher and editor-in-chief of Red Herring, the world's top technology business magazine, and redherring.com. He also appears regularly on CNN and CNBC and is a frequent speaker at industry conferences worldwide.
媒体推荐 Azeem Azhar, internet advisor to european startups, former internet correspondent, The Economist
"Silicon Valley is changing the world in ways even its most religious advocated could never have dreamed of. The venture-backed internet industry is the wildest and most exciting roller coaster ride in business history. Hold on tight, because the Perkins brothers will put you in the first carriage--and they won't let you off."
David Kirkpatrick, Fortune magazine
"As much as it's about technology, Silicon Valley is about money. Tony and Michael Perkins are those rare Valley insiders who understand finance and can write. This book is a bold attempt to speak painful truths. Few others have either the ability or the nerve. I found the book riveting."
Tim Draper, founder and managing director, Draper Fisher Jurvetson
"The Internet Bubble is the Internet Bible. Tony and Michael Perkins have encapsulated the Internet revolution--the players, the strategies, and the interests of the Silicon Valley phenomenon. Their in-depth understanding of the venture capital community and the entrepreneurial industry surrounding the Internet is thorough, thought provok-ing, and honest. Insiders who miss this book will become extinct. Read it!."
Steve Wothington, portfolio manager, Barbary Coast Capital Management
"Tony and Michael Perkins, ever the consummate valley insiders, give us a revealing peek behind the curtain at the wizards of Silicon Oz in action as they use alchemy to turn ideas into billions. The Internet is very real, but professionals and amateurs alike have been speculating like there is no tomorrow, and some day soon enough the music will stop when everyone least expects it. The Perkins brothers show how and why. A great insiders' view."
Azeem Azhar, internet advisor to european startups, former internet correspondent, The Economist
"Silicon Valley is changing the world in ways even its most religious advocated could never have dreamed of. The venture-backed internet industry is the wildest and most exciting roller coaster ride in business history. Hold on tight, because the Perkins brothers will put you in the first carriage--and they won't let you off."
编辑推荐 Amazon.com
Canals. Railroads. Automobiles. Computers. The Internet. Each represented revolutionary shifts in the way Americans would live and do business. Each saw a corresponding rush of investors to get in on this great new investment opportunity. Each saw a lot of investors go broke. In The Internet Bubble, Anthony Perkins and Michael Perkins, founding editors of The Red Herring, look at it this way: In the early 20th century, there were more than 500 automobile companies in the U.S. Now how many are there? Same with the new Internet companies, the Perkinses predict. A few will grow into profitable businesses in 10 or 20 years, but even then, their stocks may not be worth much more than their 1999 prices. They argue that buying an Internet stock today is really nothing more than gambling that someone else will come along and buy it from you for more money.
The book includes an overview of the biggest players in the Internet explosion, the market mania for Internet stocks, and profiles of companies such as Amazon.com, Yahoo! and At Home. The authors also interview venture capitalists who help new companies get off the ground and the investment bankers who help them go public. And while they don't pretend that they know when the Internet bubble will burst, or what the damage will be, they are convinced that most .com companies will never make a dime. The book concludes with some thoughts about investing in this climate, and argues that ignoring the Internet may be as dangerous to your portfolio as investing too much. Some guidelines about product cycles and diversification appear, but the biggest rule seems to be: Don't be the one holding the hot potato at the end of the game. --Lou Schuler
专业书评 From Publishers Weekly
With all the talk about the Dow riding technology stocks to new highs (e.g., James K. Glassman's and Kevin A. Hassett's Dow 36,000, Forecasts, Aug. 30), count the Perkinses, founders of the technology business magazine Red Herring, among the naysayers. Not that they're bearish about the future of the Internet itself. They assume the technology will improve and will change the way ordinary people live, and that there will be an increase in transactions, revenues and profits. But they argue that, even with rapid growth, the current high prices of Internet and related technology stocks are unjustified. The technology and the business models are fine, but they believe that too many companies are being rushed to public securities markets before they are ready, and investors are all too willing to buy anything that is going up in price. The result, they argue, is a classic investment mania, in which higher prices generate more excitement and even higher pricesAuntil the bubble bursts. Not that all Internet stocks are bad investments. The Perkinses figure that one in 20 will take off. But current stock prices only make sense if 20 out of 20 companies soar. The authors' prescription for investors is sobriety. As they lucidly explain the thinking of venture capitalists, investment bankers and analysts who shape the market for technology stocks, they demonstrate a thorough knowledge of the industry that makes their analysis extremely convincing. (Nov.)
Copyright 1999 Reed Business Information, Inc.
From Library Journal
The authors, founders of the business and high-tech magazine Red Herring, make a strong case cautioning the small investor against getting caught up with the "get-rich-quick" euphoria of the "new economy." No doubt the Internet is clearly changing the way the world works, but the authors argue that because Internet stocks by traditional measures are often overvalued, are quite new, and have no earnings histories or company comparisons to use as benchmarks for valuation purposes, they tend to be speculative investments. History is replete with examples of speculative manias. Now comes the Internet mania whose bubble, they say, will burst. The authors start off by offering us insight into several Internet companies that recently managed to go public with high valuations just because they had dot.com attached to their name. They then provide eye-opening facts about Internet IPOs and the "games" that are played behind the scenes. In the end, they advise how to avoid pitfalls and, when investing in Internet stocks, to be "prepared to take massive risks." This well-written book deserves careful reading by anyone interested in its subject. Recommended for business collections.ABellinda Wise, Nassau Community Coll. Lib., Garden City, NY
Copyright 1999 Reed Business Information, Inc.
