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NEMAX (The German New Market) and NASDAQ
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NEMAX (The German New Market) and NASDAQ
by D. Quinn Mills
Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble
Copyright
Preface
FINANCIAL TIMES Prentice Hall
Financial Times Prentice Hall Books
Acknowledgments
The Bubble and Capital Markets
How to Use This Book
Why This Book Has Been Written
How This Book Was Written
An Unusual Feature of This Book: Contributions from Others
The Message of This Book: How to Avoid Another Bubble and How to Protect Yourself If It Occurs
Talking Points
Destroyed by the Bubble
The Capital Markets as an Engine of Progress
The Social and Economic Utility of Capital Markets
The Internet, Capital Markets, and Innovation
The Early-Stage Financing of the Internet
The System Hits a Glitch
Talking Points
How the Bubble Happened
Causing the Bubble
The Technology Bull Market
The Bubble
Why Did the Bubble Form?
Day Trading and the Source of the Bubble
Other Bubbles in History
The Software Cycle
The Transfer of Wealth
Talking Points
Inflating the Bubble: the Financial Value Chain
The Financial Value Chain
Diagramming the Financial Value Chain
When Economic and Financial Value Diverge
Why the Huge Valuations for Internet Companies?
How the Financial Value Chain Should Have Worked
Defending Enormous Valuations
Talking Points
What it Meant to “Do the Right Thing” at Enron
Enron as an Internet Company
Inflating the Enron Bubble
Wall Street's Involvement
The Key Role of the Accountants
Equity Analysts Promote the Company
Politicians Lend Their Aid
Evaporating Employee Pensions
Unethical, Unfair, but Illegal?
Enron's Significance
Talking Points
Inexperienced Leaders
Dumb Kids?
Blaming the Entrepreneur—He's Dumb
Amazon.com's Miracle
How Amazon Flouted the Rules
The Learning Failure
Talking Points
How Some VCs and Bankers Led Entrepreneurs in the Wrong Direction
Having to Go to the Venture Firms
Pressure to Spend
A Strategy's Limitations
Like Sheep to the Slaughter
Get-It-Right Instead of Get-Big-Fast
Talking Points
How Venture Firms Changed Their Criteria
Building to Flip
Venture Capital
Rushing to an IPO
Exiting an Investment
How Their Own Rules Were Changed by the Venture Capital Firms
The Baby Goes Out with the Bathwater
Talking Points
Choosing the Wrong People
Whom to Back
Garden.com: A Mistake from the Get-go
Boo.com
Did the Venture Firms Make Money from the Bubble?
Talking Points
Taking Start-ups to the Public
How Investment Banks Inflated the Bubble
The Banks Bend the Rules
The Investment Banks and Institutional Investors
Who Brought Those Duds to Market?
Mass Hysteria or Fraud
The Blame Game
Mass Hysteria
What Did the Venture Firms Know?
Did Wall Street Cross the Line?
If You Can't Sue City Hall, Can You Sue Wall Street?
Beware of “Buyer Beware”
Talking Points
The Retail Investor: Victim or Fool?
The Buyers' Side of the Capital Market
Why Mutual Funds Got on the Bandwagon
Speculating with Pension Money
Momentum Investors in Disguise
Blaming the Investor—She's a Pig
How Important Is the Freedom to Speculate?
Talking Points
Influencing Factors: Where Does Responsibility Lie?
What the Accountants Should Have Done and Didn't
The Hype Machine
The Fed Was Also at Fault
Talking Points
The Road Kill of Capitalism
Sell, Sell, Sell!
theglobe.com
Not a Smart Thing to Do
Young People Succeeding Early
The Return of Big Company Values
Talking Points
Dire Consequences
Creating a New Business Cycle
Economic Losses Caused by the Bubbles
Starving Entrepreneurs of Capital
Setting Back Technological Innovation
What Happened in e-learning
Meanwhile, in Germany…
Another Wave of Internet Companies Is Coming
A List of the Economic Consequences of the Bubble
Insuring Public Confidence
Talking Points
A Troubled System
Can America Lead?
The United States as the World's Financial Leader
Should American Leadership Be Followed?
Dare We Privatize Social Security?
Why Current Regulation Isn't Working Well Enough
Talking Points
Reforms to Protect Small Investors
The German Experience
Every Investor a Qualified Investor
Extending Fiduciary Responsibility
Improving Disclosure and Governance at Mutual Funds
A Return to a More Restrictive Prudent Person Rule
Preventing Another Enron
New Regulations to Protect Investors in IPOs
Nine Reforms to Restore Confidence and Rebuild the Economy
Talking Points
Less Damage Next Time
What Does the Future Hold?
Do We Want Another Bubble?
Will There Be Another Bubble?
Smaller Bubbles and Less Damage
NEMAX (The German New Market) and NASDAQ
Financial Value Chain Influencers
Contributors
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Smaller Bubbles and Less Damage
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Financial Value Chain Influencers
Appendix A. NEMAX (The German New Market) and NASDAQ
Source: Datastream
Source: Datastream
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