Re: <nettime> IBM bites bigtime

[Beatrice Beaubien <i2eye@mac.com>]

Hi Bill,

How is Winnipeg?

>The thing I don't understand is this:
>
>At one point, Yahoo was worth more than General Motors. Now, if the
>stock market isn't a complete *foma*, all that *surplus value* has
>got to be in the system somewhere, right?

No. That "excess" capitalisation is gone now. It was a number based on
expectations and, well, faith basically. What Yahoo is worth, given that it is
a publicly traded company, is shareholders' confidence. The differential
between then and now has no reality in real dollars.

> And it's gotta be looking
>for more action...

Or a different market niche. Probably blue chip (non-tech) and bonds for a
while, unless interest rates drop even further. A large proportion of capital
invested in tech stocks were from institutions and investors not interested in
tech, just returns (and often hype).

Biti

>from the IBM annual report:
>
>http://www.ibm.com/annualreport/2000/flat/toc/2_3_1_intro.html
>
>>
>So, we're going to invest $1 billion in Linux, and we've dedicated

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