The Internet of 1999 was a mania. What we are seeing today in web/tech is a phenomenon ...I learned not to second-guess entrepreneurs. People like Steve Jobs, Jeff Bezos and Pandora co-founder Tim Westergren. These guys get it and they get it done. They don't have time for pesky shareholder complaints and inane discussion calling into question approaches to profitability, reinvestment spending and what to do with their company's cash. The second these innovators take their eye off of properly positioning their companies for the futures they themselves sketch, they lose, shareholders lose and we all lose.
Most importantly for the upside of the market, no one owns stocks. There are millions of traders flipping stock with institutions in high growth names, but there are no rational conversations about the growth opportunities.
All the while, entrepreneurs are chasing dreams with little bits of angel and venture money. Companies with massive opportunity and now loads of cash are going public and dominating their verticals or mindshare. That's not a bubble.
Pandora, Amazon: Sister Success Stories
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