Word: nets
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Dates: during 1990-1999
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They are now. Amazon's April apex, it turns out, was the top of the market for Internet stocks. On average, they have declined 32%, and many, including Amazon, have halved. So, is it time to declare the Internet bubble burst and set the Net stocks next to other flameouts, such as biotechnology (1980s), computer leasing (1970s) and, yes, tulips (1600s...
...fast. The Net wonders aren't dead. They're just going to behave differently as this industry, like so many before it, enters the next phase of development. That phase will include the creation of tons of stock as new IPOs flood the market in search of easy money (yours). And it will include the inevitable shakeout as investors sort out the jewels from the junk. The only question is, How fast will all this happen...
Kevin Landis, who manages the Firsthand Technology Fund, ventures that this may prove to be a good time to start buying Net stocks if you've been out of the game--and are a long-term investor. So, you're jumping in with both feet, right, Kevin? After he stops laughing, Landis says, "We've just got away from the scary point at which people say, 'I don't know how to value it, but I have to own it anyway.' [But] we're nowhere near levels where you can start making a value argument...
...economy Net stocks are now up against some old-economy fundamentals they haven't faced before. Rising interest rates are a big deal. The 30-year Treasury-bond yield popped over 6% last week, its highest level in more than a year, and could well stay there. Speculative stocks (and Internet defines the category) tend to get hard hit when higher rates threaten to slow the economy and the market. There are also basic questions about Internet bellwethers, including AOL (Will AT&T shut it out of cable access?) and Amazon (Can it reverse slowing revenue growth...
...none altered the course of hockey quite so much as the piece of molded fiberglass that Jacques Plante affixed to his head on Nov. 1, 1959. Already the dominant goaltender of his era, Plante could now venture out from his circumscribed piece of ice in front of the Montreal net, there to face down without flinching the bullet shots of the league's best shooters. After Plante, hockey's goalies--virtually all of them masked by 1970--would display a new boldness, a more aggressive posture, a more intimate role in the currents of the game. And more teeth...