This weekend, financial writer and investor James Altucher published a controversial article, The Internet Is Dead (As An Investment), igniting a debate in the financial blogosphere by saying "...run for the hills when it comes to advising clients to invest in the Internet. The days of infinite margins, 1,000% productivity gains and growth of market throughout the universe are long over. Internet companies now should be treated, at best, like utility companies that get bought at about 10 times earnings and sold at 13 times earnings."It's an interesting point of view from someone so heavily invested in this space. (Altucher is an investor and partner in Social Leverage that funds Web businesses including Bit.ly, Stocktwits, Tweetdeck and Ticketfly)
Fred Wilson responded on his blog with a post entitled, The Internet Is Alive And Well (As An Investment)
saying "We (my partners and I at Union Square Ventures) think the Internet is one of those transformative technologies that changes everything."
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