An executive sniffed it must be wonderful being right all the time. I felt that way during the Internet bubble. When Market Guide surges in value nearly 600 percent on word it's got a deal with AOL , so even James Cramer , who'd just signed a similar deal, raises red flags and no one hears, what you've got is a mania. When that assumption comes under question, the bubble bursts, and when you fall, there is no bottom because there is no conventional valuation. My point today isn't to harp on the past but to talk about the future.
Irrational depression is as foolish as irrational exuberance.
There's a growing belief that nothing should be free on the Internet. This is dangerous nonsense. It's true that every content business should have an upsell, and that the old rules still apply. Tiny newsletters should cost more than thick newspapers because their stories are tightly focused and their circulation is tiny, too. That doesn't mean that the Internet is dead and everything should have a cash register attached to it.