The Five Lessons of the Last Internet Bubble

Journalists warn us that "it feels like we're partying in 1999"... "Watch out for bubble 2.0.", they scream. They never elaborate on why, beyond a few token indicators like "crazy silicon valley parties", and stupid companies with stupid names, selling stupid products (if any products at all..) getting venture capitol from stupid VCs. The more educated of these whistleblowers points out that Microsoft gave facebook a ridiculous valuation. I'd give them a+ if I was grading their freshman rhetoric paper. Good support....  Yet, at same time, I have to ask, "You think of the people that built Vista, and IE6 as a canary in the mine of public sanity?" *** The other night, I spoke with a man who became notorious during the last bubble for saying, "The internet is the hoolahoop of the 1990s." I told him he was actually quite correct, given the hoopla (I made a funny right there... did you notice? OMFG!) of the times. So, I give you what we learned from the last tech bubble: 1. There's not a lot of business in offering consumers mail order catelogues only better, because the pages take 20 seconds to load, and you have to pay higher shipping charges. 2. Corporate america is not to be trusted. 3. Stocks valuations need more oversight. 4. No one can predict the future (except Steve Jobs, and until recently, Bill Gates... they get to invent it! That must be fun...) 5. The ultimate warning sign is the appearance a company that wants to ship you kittens trapped inside the dark confines of a sealed cardboard box. Did I miss anything? Talk amongst yourselves...