Ryan Jacob
Ryan Jacob
forward frankly fund hold internet mean names quite terrific tremendous
I think we've had a tremendous run. I mean Nasdaq had a terrific year. A lot of the Internet names that we hold in the fund had terrific years and quite frankly I think going forward it's going to be more challenging.
broader companies focus internet tech
Really, the Internet is broader than one sector. We're going to focus on companies that focus the least on technology. Tech companies just are not attractive. They are too competitive, and they have predatory pricing.
biggest change companies five late obviously past reasonably starting
The biggest change in the past five years is that you can find very reasonably priced companies and most are making money. That's obviously a big change from the late 90's when these companies were just starting out.
expecting people positive
It was a very positive sign. I think a lot of people were expecting a little sell-off.
acquired companies continue customers growing impressive issues last looking number page people percent post
Everyone's expecting, and should expect, that these companies will continue to post very impressive gains. A lot of these companies are still growing 30-50 percent per quarter. There will be other issues that people will be looking at. With Yahoo!, it may not be just revenues, it may be page views. With an Amazon, it may not just be revenues, it may be number of new customers they've acquired over the last quarter.
activity gain leaders leaders-and-leadership
In 1999, we'll see more consolidation activity as leaders gain more scale.
area companies general higher low operating
Valuations in general for e-commerce companies have been historically higher than we've been comfortable with and they have low operating margins. So it's an area we've shied away from.
internet nobody three took
Three years ago, nobody took the Internet seriously. We're in it for the long term.
companies focusing players
We're focusing on companies that will be long-term players on the Internet.