2.0 Shakeout
Umair Haque reacts to recent talk of a 2.0 shakeout.
Point 5.5)
"This is not a bubble (=inflow of capital dependent on irrational expectations, or the like). This is a Long Boom. There's a big difference: Long Booms are characterized by an ongoing and fairly ruthless winnowing of winners from losers. They are marked, in other words, by the opposite of what happens in bubbles: relative market efficiency. Think railways in the 1800s, and then consider that P&G getting 2.0 and making real money from doing so is vastly more Long Boom than bubble.
To the 2.0 crowd, because no correction has happened for a year or two, it looks like a bubble. Of course, they're ignoring the massive, persistent, and thoroughly rational transfer of value from traditional media/IT/entertainment to new media."
Point 5.5)
"This is not a bubble (=inflow of capital dependent on irrational expectations, or the like). This is a Long Boom. There's a big difference: Long Booms are characterized by an ongoing and fairly ruthless winnowing of winners from losers. They are marked, in other words, by the opposite of what happens in bubbles: relative market efficiency. Think railways in the 1800s, and then consider that P&G getting 2.0 and making real money from doing so is vastly more Long Boom than bubble.
To the 2.0 crowd, because no correction has happened for a year or two, it looks like a bubble. Of course, they're ignoring the massive, persistent, and thoroughly rational transfer of value from traditional media/IT/entertainment to new media."
posted by daniel davenport at 8:11 AM
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