His case boils down to three points. First, the market for internet content and services is more mature than it was in the 90s -- there are real rather [than] merely theoretical customers out there. Second, the drop in prices for bandwidth and computing means that you don't need anywhere as much capital to launch an internet business as you used to. Third, and related, the lower capital requirements mean that entrepreneurs require less venture funding, which in turn means less pressure to make a quick and lucrative exit.

He then points out that "there's a flaw, or at least a missing element, in the analysis" and gives us his (more useful) view of what a bubble is.

Om Malik takes on the same article: "In many ways The New Boom, is almost half way done, and we have some insanity going on right now."

I have to say, if you read only one blog, please read Michelle Leder's footnoted.org. Nobody reads 8-K and 10-Q filings like she does. I love her analysis this week of the deal between Kforce and Pinkerton Computer Consultants. From the post:

[A] according to the sales agreement, Pinkerton's season tickets to the Yankees, Phillies, Knicks and Washington Nationals, as well as a beachfront condo in Florida are not part of the deal. Then again, it would probably be a lot harder for a publicly traded company to legitimately claim that season tickets to four different professional sports teams are a business expense.

I say she's a must-read not because reading these posts will provide quick investment advice on what to buy or what to short, but because I find the very thorough, no-nonsense approach she has to reading these filings educational, and it has helped my own perusal of them.

Cheap Stocks has compiled its list of the Top 10 market cap companies trading below their net current asset value.

Last week I mentioned some of the meetings Warren Buffett has been having with students from various colleges. This week, The Buffett Blog provides a nice summary with quotes from all the different meetings.

My favorite Buffett quote from these meetings: "If I had $10 million (or $1 million) to invest I would crush the S&P; I'd look to beat it by at least 10% per year; with $10 billion, I will eke by it."

It's not quite a blog, but this profile of Rich Pzena, Value Investing Meets Momentum Investing is very interesting. It starts off: "When I went to school I wrote my master's thesis with Joel [Greenblatt] and another guy. It was basically a review of Graham and Dodd, on how the small investor can beat the market."

Joel Greenblatt is the guy who wrote The Little Book That Beats The Market. It's interesting to see how all these guys were working together from way back and went on to great success.

Shai Dardashti has started up an interesting blog on Graham-style value investing. His most recent post is a nice analysis of First Data's plans to spin off Western Union.

A snippet from the post:

Some quick points:

"100% tax free spin-off to shareholders."
Should read:

"A wonderful opportunity for some massive selling pressure regardless of intrinsic value..."

Cleantech Investing is a fascinating survey of public companies from Israel that focus on exactly that: companies involved in solar power, geothermal power, desalination, etc. I never would've thought to look at these companies before reading this blog.

The Daily Dose of Optimism weighs in -- literally -- on the Chipotle IPO. His analysis extends right down to the calorie content:

Now, I never actually checked the calories and fat content of the burritos I ate, and Chipotle conveniently has "not yet calculated this." But, with a little homework, Google Answers has a lengthy dialog estimating Chipotle clocks in at about 1,000+ calories. Not exactly "light" fare, but unlike a Big Mac and fries, a burrito is a hearty meal that will keep you going.

A flickr-esque view of Buffett.

I have to say, video on the Web has finally arrived. I watch Battlestar Galactica on my video iPod on the train now rather than read. I watch episodes of Lost that I've missed on my computer. Last week I posted the Lazy Sunday video, which now has had more viewers than the Saturday Night Live episode that spawned it. Meanwhile, the latest video craze is showing that quality video can originate on the Web just as easily as on television.

1 What would best describe your stance heading into the coming week of trading? Bullish Bearish Neutral 2 Which of these sectors do you think is set to move up in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities 3 Which of these sectors do you think is set to move down in the coming week? --Choose One--Aerospace and DefenseAirlinesAutomobilesBeverages and Food ProductsBiotechnologyCommercial BanksComputers and PeripheralsConsumer NondurablesEnergy Equipment & ServicesHMOs and HospitalsHomebuildingInsuranceIntegrated OilInternet, Software ServicesInvestment Bankers and BrokersMediaMultiline RetailPharmaceuticalsPrecious MetalsSemis, Semi EquipmentTelecom EquipmentTobacco and AlcoholWireless CommunicationsUtilities View the results without voting