It was beyond my wildest imagination that venture capitalists would fund people with no retail experience, no Internet experience, no CEO, and no Amazon. Some seem to be trying to take positive strategic and cost-cutting steps, but all the consumer Net stocks are still down.
Entrepreneurs are confused about what's acceptable now.
The board meetings are great. Management is extremely self-critical about what assumptions have turned into fact and what have not. They had a vision and a strategy that they have executed against. They acquired a media company and a merchandising company. They are very good at not being distracted by the industry goat rodeo.