The blinding flash of investor insight Hunter and Vollman reveal is how, even after 15 years of trying, the key organs of the Web advertising body still aren't anywhere close to efficient.
To these jaundiced eyes, however, the bottom line is clear: Web advertising, for all its glitz and glamour, is no more or less unique or effective or efficient as radio, TV or print -- or skywriting, for that matter. The Web does some interesting things, but just as much is wasted. Just as much is guesswork. And just as much is unknown. Any investor who doesn't live in that reality is living in a bad advertising joke.