December 13, 2005
Back to the Bubble
Can't stop this market though. I see Japan is down a few hundred though.
Talking to Bill Cara today and again, thanks to the web, you get to meet and talk to people that you would never have the opportunity of talking to pre-internet. There's no way to put a price on that. Of all the things I wish, I wish I never had been running a hedge fund through the greatest revolution of all time, the internet revolution. Focused solely on a monthly success, I missed the whole birth of something that needed to be appreciated from a user standpoint. Something that needs to be looked at from a 100 year investment standpoint.
I look at railroad bubble stories and see railroad stocks hitting all-time highs a hundred years later and say - how can you not have that outlook on internet stocks. All that connection and distribution of information, built out by companies that are gone, all for new exciting, low capitally intensive businesses built for the next 100 years. Yippeee
The good news regarding all my past mistakes is we are still in the first few innings of a long ride to the upside.
Don't get shaken out in the inevitable corrections along the way.
Rairoads and highways on steroids - remember that.