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Dot.con: How America Lost Its Mind and Money in the Internet Era Paperback – May 13, 2003
Based on seven years of reporting from over a dozen countries, writer Tom Wainwright takes you on an extraordinary journey into the business of being a drug lord. Learn more.
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“Admirably lucid and comprehensive.” (The Guardian (London))
“A marvelous book. . . . Dot.con will be read by generations of .... B-school graduates.” (Wall Street Journal)
John Cassidy is one of the world’s best financial journalists. Dot.con [is] compelling. (Rupert Murdoch)
“John Cassidy’s [Dot.con] deserves to be the boom’s standard account. It is informative, perceptive, and gracefully written.” (New Republic)
“Shrewd and entertaining...thoroughly persuasive.” (The Economist)
About the Author
John Cassidy, one of the country's leading business journalists, has been a staff writer at the New Yorker for six years, covering economics and finance. Previously he was business editor of the Sunday Times (London) and deputy editor of the New York Post. He lives in New York.
Top Customer Reviews
The author pinpoints three groups and/or individuals that he feels are specifically to blame for allowing this fiasco to occur.The first group is the financial journalists and analysts,such as Mary Meeker ,Blodgett,and Abby Joseph Cohen,who used their positions to hype the sale of Dot.com stocks that they knew were purely speculative in nature.The second is a group of one,Alan Greenspan.The author overlooks that Greenspan had no authority over the giant investment banks that were the source of the problem.They were supposed to be regulated by the Securities and Exchange Commission(SEC).Unfortunately,the SEC had been stuffed full of University of Chicago type economists, who did not believe that bubbles were possible ,based on their artificially constructed Efficient Market Hypothesis(EMH).
.Of course,Benoit Mandelbrot had already demonstrated repeatedly over the time period 1958-2008 that the EMH was false.The economists at the SEC simply refused to accept the ancient wisdom of Adam Smith-the goal of all financial regulation is to prevent speculation.Greenspan certainly is partly culpable,however.
The third group is the American public,which,as first pointed out by Michael Lewis,came to believe that the way to riches was not productive,hard work but speculating in stocks.
I have subtracted one half of a star because the author is apparently ignorant of the fact that Adam Smith devoted 80 pages in The Wealth of Nations(1776;Modern Library(Cannan)edition with the foreward by Max Lerner) to discussing the problem of banking and speculation.Read more ›
John Cassidy points out numerous times throughout the book that the speculation of these internet stocks was perpetuated by Wall Street. Virtually every internet IPO was based on potential earnings and income growth. Therefore, no one had any idea on how to value the stocks because there were no earnings or even a consistent revenue stream to for that matter. However, Wall Street just started creating new valuation models based on number of web-page hits and current revenue and extrapolated out into the future assuming that web traffic would continue to increase exponentially, while costs would decrease due to these websites not incurring the typical costs that traditional firms were saddled with. While web traffic has continued to increase and more and more people are connected to the Internet than ever before, the costs of acquiring these customers, through significant price reductions and huge marketing budgets never waivered, bankrupting mostly all of these websites.
In addition to haphazardly marketing the IPOs for these websites, each investment bank on Wall Street and Silicon Valley were using their analysts to justify these IPO valuations. The research divisions within the investment banks were traditionally independent of the sales and brokerage division. During this era, the supposed "Chinese Wall" was torn down.Read more ›
Most Recent Customer Reviews
With a possible marijuana stock bubble coming in the next few years, I wanted to learn more about the dot. Read morePublished 1 month ago by John
It meets my standard, plunges you in the 1990's era of internet boom, when IPO were done in a carefree manner.Published on September 26, 2013 by Mahen Nowzadick
While the story of dot com bubble is fascinating, this book is not. The book is a dry compliation of mostly known facts, scatterred throughout the book. Read morePublished on November 2, 2009 by Oleg Kokorin
John Cassidy's book will become a classic in depth description of another example of crowd madness: the irrational speculation in internet (.com) companies in the 1990s. Read morePublished on November 5, 2008 by Luc REYNAERT
while the personal computer market built a solid base in the 1980s, it took off in the 1990s with the introduction of windows 95 and the world wide web. Read morePublished on September 27, 2008 by Ryan Costa
I watched the whole dot.com craze from the sidelines 10 years ago when stocks were amazingly overpriced (then just went higher). Read morePublished on April 29, 2008 by R. J. McCabe
During the 1995-2000 period, investing was fun. Everyone was making money.
Like the Dutch tulip frenzy and the pre-1929 Era in the United States, greed overcame common... Read more
After having read many stories about the companies that are mentioned in this book, I appreciated the way the author was able to put things in context, and his in depth research... Read morePublished on July 9, 2006 by Alejandro D. Gonzalez