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July 06, 2002
The Two Great Pyramids of the Late 1990's

An excellent article pair on Beyondvalueinvesting.com talks about the telecom and digital media pyramid schemes that came into being. I would even argue that some of the VCs actually recognized this factor and tacitly kept it moving.

This is one set of retrospective criticisms that I fully agree with. I used to argue with a lot of folks who said that B2B was the only place to be. My argument was that those businesses often were not really businesses. At least at EMusic, the dollars we made from real end users were from real end users.

Posted by hoffmang | July 06, 2002 12:30 PM


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