“The authors of The Internet Bubble wait until the epilogue of their cautionary tale before delivering their bottom-line verdict on today’s Internet valuations,” Jonathan Chevreau writes in the National Post Online.
“‘Sell now!’ advise Anthony and Michael Perkins, who are chairman and founding editor, respectively, of Red Herring Magazine.
“It’s worth clarifying that their ‘now’ was issued in 1999 in the book published by New York-based Harper Business. For a more current — but not different — view, check their Web site at www.redherring.com/internetbubble.
“The authors are hardly garden-variety chicken littles. They are well plugged into the U.S. venture capital business as it relates to high technology and the Internet.
“The Internet Bubble serves as an excellent primer to Internet stocks and the nature of U.S. capitalism in general. But virtually none of the roughly 100 Internet insiders it interviewed disagreed with the premise Net stocks are grossly overvalued. The subtitle tells it all: ‘Inside the Overvalued World of High-Tech Stocks — and What you Need to Know to Avoid the Coming Shakeout.’
“Based on the weakness in the Nasdaq Stock Market late in January, there is speculation the Internet bubble has already begun to pop. In his The Daily Reckoning e-mail newsletter, Bill Bonner suggests Amazon.com’s layoff of 150 employees could be a bellwether…”