Ryan Jacob
Ryan Jacob
growth high higher internet modestly paying
For many of the Internet leaders, you're paying a high valuation with only modestly higher growth prospects.
internet nobody three took
Three years ago, nobody took the Internet seriously. We're in it for the long term.
changed craziness internet wild
Something has changed (with Internet investing). You don't have the craziness of a wild IPO market.
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.
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.
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.
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.
earnings glass investors looking rather reports
Right now investors are looking at any earnings reports as the glass half-empty rather than half-full.
clear companies leader online potential sell space
Software.net has the potential of being a leader in this space and there are clear comparisons to Egghead.com, and also to some of the online companies that sell CDs. They're really not that much different.
bit companies company excited higher investors might normal pay road
When companies first come public, there's a lot of hype, anticipation. The company is out hyping the IPO on a road show and investors get very excited and they might pay a bit higher than they may in normal situations.
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.
flow news quite
The news flow (from companies) is still quite negative.
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.