Who is Blodget 2.0? Fake Steve Jobs Reminds Me To Look to the Man Himself
I’ve been trying to figure out who the Web 2.0 bubble’s Henry Blodget is* over the past few days and then along comes Fake Steve Jobs to remind me that Blodget himself has a chance to keep the crown. The following quote is brilliant stuff:
Folks, if you’re working at any of these “digital startups” you really don’t need Henry Blodget’s Silicon Alley Insider index to tell you what your options are worth right now. I’ll tell you the answer right now. They’re worth nothing. That’s for most of you anyway. Because one day very soon this whole crazy mess is going to blow up and you’ll be looking for work at Starbucks again, just like you were after the last bubble burst.
My advice? Print out this crazy list and pin it to your wall and wait for the crash. Then you’ll have a wonderful keepsake by which to remember Bubble 2.0.
Because if there’s any sure sign that the end is near, it’s the fact that Henry Blodget is publishing an index with ridiculously high valuations for companies that don’t actually make products and don’t have revenues. What drives this ridiculous man? Why the obsessive need to hype and tout? Is he not satisfied to have played a starring role in the greatest financial mess of our lifetime? Now he needs to do it again? It’s like a real-life version of Groundhog Day. Or one of those rings of hell in Dante’s Inferno where people are condemned to keep performing the same sinful acts over and over again into eternity.
Read the rest:
The Secret Diary of Steve Jobs: Alley Insider creates Bubble 2.0 keepsake
*since we’ve clearly transitioned into a world that parallels the “irrational exuberance” of the late 90s. I knew something bizarre was afoot when Facebook’s “$15,000,000″ valuation was actually swallowed wholesale by people who should know better. That feeling has been furthered by the idea that it’s a good thing for apps like Twitter just grow and grow and grow only to “figure out how to make money later.” I like Twitter a lot and am impressed by Facebook’s core application and API, but I look at these and other services and just don’t see big $$. At the end of the day, real money (cash flow) is what’s going to keep this euphoric wave going. Without some real cash for some of these services, things have the potential to go south in a big way and if they do people are going to be hurting again. We went through that once already and I’d like to see this valley be a little less painful than the last time we were in a downturn. I survived the early part of this decade and came out stronger (unlike many people I was able to stay in the industry during that period,) but that doesn’t mean I want to go through that again any time soon.