Ya gotta go read this puppy.
Sep 24, 1999 The Top 10 Internet Myths By James J. Cramer
Editor’s note: James J. Cramer gave a speech at the Goldman Sachs International Tech conference in London today. We’re running the full text of that address here.
Investment in the Internet has become a joke. There, phew, I said it. I, having made millions of dollars investing in the Net and having spent millions of dollars building a site, am out of the closet — free at last — to speak the truth about what really goes on behind the URL.
So what is the state of Web investing? I think it is pretty simple. If you want to know who will survive, you need only ask who has more than one potentially profitable revenue stream. If you find a Web business with just one revenue stream, that business will fail. If you find a business that does not include interaction with people at the highest level, that will fail. And if you find a business, and here I have quotation marks around business, that wouldn’t look like a business if it were off the Web, don’t be fooled. It isn’t one. It never will be. I will be selling you short all the shares you need of it from my trading turret at my hedge fund. And I promise you, I will never have to cover.