The Internet had rewritten the rules of business, and long-standing tenets looked laughably quaint. Old Economy baggage. We stood on the brink of an economic transformation more profound than the Industrial Revolution. The Fords and RCAs of our time were being built before our eyes. Since last March, the new truths have been knocked down right and left.
Profits matter after all.
This year, most of those names have dropped off the list, to be replaced by decidedly unglamorous oil and power companies. And yet, if you were hoping for a return to business as usual, forget it. The incredible period of experimentation and creativity of the past five years has changed the business environment irrevocably. New business models unleashed by the Internet continue to evolve. Disruptive events like the music-swapping phenomenon called Napster Inc. will trip up other industries and shake, not just stir, the status quo.