Word: cmgi
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...start with simple abuses, like letting the credit-card bills pile up while pumping as much as possible into CMGI, or tapping the home-equity line to stuff cash into the Munder Net Net fund. In essence, you charged those investments, laying out up to 18% annual interest on the bet that stocks would go up faster. That's blind lust for wealth...
...Dorchester. Davis learned the basics as a salesman at GE and later at the now defunct office-automation pioneer Wang Labs--one of the hottest companies of its time before being blown away by DEC and others. In 1995 he was brought in by a fledgling venture-capital company, CMGI, to run a search-engine operation called Lycos (derived by the technology's creator from the Latin name for wolf spider). Davis had $1.2 million in seed money and, as he writes in a new autobiography, Speed Is Life, "largely untested technology in an industry nobody really understood...
DAVID WETHERELL CMGI chief pioneers cyberspace investing but last month begins scaling back on the nurturing, relying on household names like AltaVista to recover from an 89% stock drop. WAS WORTH: $5.81 billion in 1999 NOW WORTH: $664 million...
...economy true believers, bloody April--during which the NASDAQ fell 25.3% and the IPO window slammed shut--has given way to a Summer of Discontent. While most of the big names have recovered a bit from their April depths, they are still down for the year: Yahoo, off 50%; CMGI, down 70%; Priceline.com off 57%. Just last Friday, amid renewed analyst concerns about disappointing revenues, Amazon.com dropped 19% more to close at $34, off 70% from its December high. Amazon laid off 150 workers in January, Oxygen Media fired 15, and AltaVista sacked...
...Internet's most successful and best-known incubators tend to be American. CMGI Inc. of Andover, Mass., Guy Kawasaki's Garage.com in Palo Alto, Calif., and Bill Gross's Idealab.com in Pasadena, Calif., have fostered more than 150 Net start-ups in all, hitting pay dirt when their young charges go public. CMGI, which has partnered in Asia with Hong Kong businessman Richard Li's Pacific Century group, has been called the Berkshire Hathaway of the Internet. CMGI currently boasts a market capitalization of about $26 billion...