It’s because we ran out of chairs for the popular book signing of the latest book The Internet Bubble by Michael and Tony Perkins.
In this provocative and widely heralded new best seller the Perkins tell us that the party is about over. They state flatly that, “If you own any of these companies (133 publicly traded firms) it’s time to sell”. As founders of the Red Herring Magazine they have chronicled from the very beginning the rise of the information technology companies and the venture and banking firms who fund them. The book is a comprehensive analysis of how we got to the present state of affairs by looking at the history and the financial structure of the Internet marketplace.
They don’t deny the glory of Silicon Valley, but they lay out a compelling case that the pumped up valuations are not sustainable and are about to go south big time. It reminds me of the interesting fact that in the 49er Gold Rush one of the biggest fortunes was made by some tailor named Levi, but, save for Sutter (and he went bankrupt), who can name a gold miner? I feel almost fortunate that I have already lost all my money day trading but others may want to take heed. The book reads like a movie but feels like a slap up side the head. As the companies tank we at Buck’s will be accepting stock certificates to repaper the rest rooms, so drop them by if you would.
The Internet Bubble is on sale here at Buck’s while we’re still in business. Last one out shut the lights, eh.