Exuberancia Irracional de 1998 y 2011

Ben Bernanke, el Alan Greenspan de hoy, cortesía de Herbert Stacy de Flickr.

Vivek Wadhwa, cuya visita a Chile hablé antes, dice, “Silicon Valley ama fracaso tanto que se le ocurrió un nombre elegante para ella: pivoting.” Del mismo modo, Ben Casnocha dice, “Ver empresas promueven su página de fans en Facebook en la publicidad recuerda mí de cuando las empresas promovieron su keyword de AOL.”

Escribió antes de que Silicon Valley es excesivamente tolerante con el fracaso; tontas palabras nuevas como “pivoting” me recuerda del boom de las acciones de tecnología de 1995-2000.

En aquella época, mi esposa, Mary manejó una galería de arte en Colorado con una exposición de un artista de la Bahía de San Francisco, cuyo marido era un capitalista de riesgo (CR) que se encontraba en un estado de euforia. No era hasta cerca de 3 años después de Viasoft, la compañía de software de mainframe en el que María se había convertido en el segundo empleado, se empezó a vender acciones al público en el bolsa NASDAQ.

Investment bubble

Inversionista de tecnología le gusta jugar con las burbujas, cortesía de Bev Sykes de Flickr.

Acciones de Netscape y Viasoft Vendieron al Público

Viasoft aspiraba a ser una empresa pública desde hace muchos años, pero la comunidad de inversión no permitiría a las empresas vender a los acciones hasta que el período de «pivoting» había terminado y que fueron rentables durante al menos tres trimestres consecutivos. Viasoft tuvo durante muchos años para crecer al mismo tiempo los ingresos y mantener los beneficios, pero no era lo suficientemente consistentes como para satisfacer a los banqueros e inversionistas hasta 1995.

Netscape se hizo pública seis meses después a pesar de las fuertes pérdidas, e incluso después de 16 años han pasado, las empresas sin rentables se siguen vendiendo al público.

En aquellos días, casi nadie quería trabajar para una empresa de Silicon Valley, Jim Clark, el inversionista que era el fundador de Netscape, sólo era capaz de convencer a uno de los nueve ingenieros que trabajaron en el navegador Mosaic en la Universidad de Illinois, Marc Andreessen, estaba dispuesto a unirse a la nueva empresa de riesgo, a pesar de que Clark había ganado ya al menos 100 millones de dólares como el fundador del espectacular éxito de Silicon Graphics.

Cena con Inversionista Irracionalmente y Exuberante de 1998
Yo opinó que el inversionista que su industria ha disminuido en los últimos años y transformándose de verdaderos héroes que habían construido negocios sostenibles a los narradores de historias simples, apenas una idea profundo, ya que era dos años después de Alan Greenspan, la jefe de la Reserva Federal, había entregado su famoso discurso sobre exuberancia irracional .

Al igual que casi todo el mundo en Silicon Valley, no el inversionista era de acuerdo y dijo que había grandes oportunidades para los inversionistas. Pensó que el mundo estaba en una transformación mágica rara y que el enorme aumento de precios de las acciones durante los últimos tres años era justificada. Aunque el potencial de la web era obvio, el contenido era tan malo que una nueva palabra, «brochureware», se inventó para describir el sitio web de la mayoría de las empresas medianas y grandes de la época, y muchas pequeñas empresas no tenían página web!

Los EE.UU. se han prosperado más si los inversores había elegido para arreglar el sistema de distribución de electricidad, evitando el Apagón del Noreste de 2003, el segundo más desastroso de la historia, matando al menos a 11 personas. Algunas personas despedir a las burbujas de activos como inofensivas, pero en realidad, a falta de asignar los recursos donde sea necesario es muy destructivo.

Mary y yo ganamos y mantenimos nuestra fortuna por mantener la cabeza mientras que todos los que nos rodean se pierde la suya. Nos ofende impuestos sobre la renta y otros sistemas de redistribución de la riqueza por el gobierno que castigan el fracaso el éxito y la recompensa.

This entry was posted in Estados Unidos, Negocios, Personal y Biográfica, Uncategorized. Bookmark the permalink.

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