Ryan Jacob
Ryan Jacob
catch changed everybody evolution internet quite seen speed surprised
I think everybody has been surprised at the speed of evolution we've seen in the sector. Usually new technologies take quite a while to catch on. The Internet has really changed the rules.
companies focusing players
We're focusing on companies that will be long-term players on the Internet.
internet nobody three took
Three years ago, nobody took the Internet seriously. We're in it for the long term.
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.
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.
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.
base considered ebay growing momentum phenomenal rate relatively revenue though traffic
Well, eBay is growing at a phenomenal rate right now. This is a company, even though they are considered one of the bellwethers now because of their size, the revenue base is still relatively small, and they have a lot of momentum in their traffic and transactions.
affect although changes companies dominating focused fourth holiday iraq news period quarter situation strong
Unfortunately, we still have Iraq dominating the news and any changes in the situation there will have a big affect -- although I think we are in a period now that's seasonally strong for the market, especially in technology. So, I think everyone's going to be very focused on how companies are doing in this fourth quarter and then, obviously, the holiday season.
bounce clear fourth last post quarter year
It's pretty clear the fourth quarter of last year was pretty horrific, and we didn't need much of a bounce to post these kind of returns.
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.
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.
blue chip companies deal level market size
The IPO market right now is very weak. However, when you have a deal this size and this level of recognition, a blue chip company, generally, companies like this can supersede market conditions.
flow news quite
The news flow (from companies) is still quite negative.
growth high higher internet modestly paying
For many of the Internet leaders, you're paying a high valuation with only modestly higher growth prospects.