Word: dotcom
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Dates: during 2000-2009
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...surprisingly, comparisons are being drawn between China's stock boom and the U.S. dotcom bubble of the late 1990s. Certainly there are similarities, such as a frenzy for initial public stock offerings. As investor demand for Chinese stocks has intensified, so has the list of mainland companies eager to cash in on the mania by going public. In 2006, Chinese companies raised more than $53 billion in the Hong Kong and Shanghai markets through IPOs and secondary share offerings, up from $24 billion the year before. Among them was the largest IPO in history, November's $22 billion listing...
Neither could Dutch tulip-bulb speculators in the mid-1600s nor American day traders in the dotcom boom of the late 1990s nor even Chinese investors in the early 2000s. The history of investing demonstrates that there is no faith stronger than that of newbies plunging into a molten market. And that certainly describes China today. Emboldened by last year's 130% rise in the Shanghai Composite Index--which made Shanghai one of the best-performing exchanges in the world--first-time punters like Du have been storming into Chinese stocks, ending the market's five-year slump...
...confirm that the market has reached another bubble phase. It's reminiscent of the bubble that inflated in the '80s, when dealmakers such as Australia's Alan Bond and yen jillionaires like Ryoei Saito chased Van Goghs to the stratosphere. (Saito paid $82.5 million for Portrait of Dr. Gachet.) Dotcom entrepreneurs with Internet funny money bought Impressionists and Pop Art. Today a new generation of hedge-fund billionaires and Chinese and Russian kleptocrats is part of an ocean of capital flowing into galleries and auction houses. "There seem to be no limits to what people will pay, and in every...
...budding internet entrepreneurs, the moral of Google's $1.65 billion purchase of video start-up YouTube is simple: Build a real, functioning company, then sell it to a bigger one. During the dotcom bubble of the late 1990s, garage innovators could peddle imaginary businesses in initial public offerings. If an idea seemed as if it might make money someday (remember Pets.com?) that was good enough. Today's upstarts are more fully formed and are often led by wealthy veterans of the first boom. They know Google's not the only shopper. Yahoo! has spent close to $100 million for start...
...base and ad revenues from calendars may prove difficult, since Microsoft, Yahoo!, Apple and various other start-ups have free calendar offerings that are improving. But 30 Boxes' founders know a lot about working from scratch. They created and sold photo destination Webshots twice--first to Excite@home (another dotcom casualty) for $82.5 million in stock in 1999 and then, after buying it back in 2002 for $2.4 million, they retooled it and resold it to CNET for $70 million in 2004. Will they try for the hat trick? "We could go into a larger organization and bring some really...