Word: dotcomers
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Dates: during 2000-2009
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Underneath the arrogance and naivete in the e-conomy, there's long been a bias against seasoned managers from traditional industries, a belief that experienced folks would clash with the culture and drag the operation down. "Dotcom people describe old-media people as if they were from another century," observes Paul Bernard, head of a New York City-based training and coaching firm, Paul Bernard & Associates...
...getting easier to enlist. When Heidi Miller, 46, one of the most powerful women on Wall Street, announced in late February that she would leave her CFO job at Citigroup to become CFO of Priceline.com it sent shock waves through more than a few oak-paneled boardrooms. That the dotcom wanted Miller wasn't so surprising; that Miller was willing to go to the dotcom was. Nobody expects a mass migration, but her move shows that dotcoms seeking top-notch talent have a good chance of getting...
...fell from the sky, losing more than 60% of its value in a single day. More than $11 billion in market value was erased, and the company's brash chairman, Michael Saylor, 35, personally lost $6 billion in paper wealth in less time than it takes to say overvalued dotcom. "There's no doubt this is a bump in the road," Saylor said bravely, "but we signed up to change the world and never believed it was going to be easy...
MicroStrategy's reversal stems from a practice endemic in dotcom-land--overstating revenues. In the Internet twilight zone, where profits rarely exist, evaluating complex revenue streams can turn more on esoteric judgments than on accounting canon. The right outcome can add billions to a company's stock-market value. "It's a dangerous and uncertain game," says Howard Schilit, president of the Center for Financial Research and Analysis, a forensic accounting firm that issued two early warnings on MicroStrategy. "You know your stock could be dead meat if results are a couple of cents short, so you may sit down...
...came out only in PC-readable formats. "This is a good illustrative example of all the potential that so-called e-commerce has, and then the reality of the situation," he says. "In point of fact, what e-commerce has been selling for the past five years, the whole dotcom thing, is about potential. It's all about the sizzle, and none of it's about the steak. And for somebody like me, who is used to producing on deadline, it drives me crazy...