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IP: The Risks in an Unregulated Internet
From: Dave Farber <farber () cis upenn edu>
Date: Mon, 03 Jan 2000 05:07:00 -0500
http://www.nytimes.com/library/tech/00/01/biztech/articles/03digi.html The Risks in an Unregulated Internet By DENISE CARUSO fter a year of big gambles, the biggest of all may be the wager that our exalted Internet, held together with baling wire and chewing gum in every conceivable way -- legally, structurally, economically -- is going to be able to withstand the coming heavy weather of a truly global, unregulated economy. Or perhaps the question is whether we will be able to withstand a global, unregulated Internet. In either case, here at ground zero -- in the United States, capital of global capitalism -- stock market experts are beginning to acknowledge what some of us have suspected for a long time: technology stocks, in particular, are being kept aloft on their own hot air. People buy them because they are performing better than regular stocks; they are performing better than regular stocks because people keep buying them. And the mystery surrounding Internet stock valuations -- what are the criteria? -- may have been solved last week by Michael Mauboussin, the chief investment strategist at Credit Suisse First Boston. <snip>
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