The global capitalist system, which has been responsible for the remarkable prosperity of this country in the last decade, is coming apart at the seams . . . It would be regrettable if we remained complacent just because most of the trouble is occurring beyond our borders.
George Soros appearing before Congress (9/15/98) The Internet is different. It's not composed of the kind of companies that put wires into homes or carry bulk cargo. The Net is wide open and, by its nature, deeply antithetical to profit taking. With the click of a mouse, investors can bypass one company for another and pluck out the best deal on a book or a car or a ticket to Tahiti. Everyone cuts prices to survive. Ultimately these on-line markets will become nothing more than low-margin commodity businesses. Perhaps nobody will make a buck . . . Remember the old business-school lesson: The people who made the money in the California gold rush weren't the miners but the people who sold the miners their picks and shovels. Today the companies making money on the Net are those selling the computers and software to get there--those building Web sites for others and advising others how to do things.
Michael Bloomberg in "Making Sense of a Wired World" from Bloomberg Personal (10/98)
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