8/23/11
Good morning, All,
If you’ll be in town on Labor Day, yes, we are doing a bbq, so come join us! http://soslabordaybbq.eventbrite.com
Next, the final EW+SOS+ER Rocking Out on the Terrace of the season is September 12th. This time, we’ll have investors on hand who’ll introduce themselves at 6.30, then will make themselves available to you, so feel free to pitch them – or just buy them a beer. Oh, wait, it’s open bar. Even better! http://terraceparty3.eventbrite.com/.
In case you missed it, a shot was fired last week – two, in fact, in the last few weeks. First, Apple became the world’s largest company (surpassing Exxon Mobile, albeit briefly) and then there was Marc Andreessen’s piece in the Wall Street Journal (Why Software Is Eating The World: http://on.wsj.com/q82iSD – a must read) “Today’s stock market actually hates technology,” Andreessen states, “as shown by all-time low price/earnings ratios for major public technology companies. Apple, for example, has a P/E ratio of around 15.2—about the same as the broader stock market, despite Apple’s immense profitability and dominant market position… Too much of the debate is still around financial valuation, as opposed to the underlying intrinsic value of the best of Silicon Valley’s new companies. My own theory is that we are in the middle of a dramatic and broad technological and economic shift in which software companies are poised to take over large swathes of the economy.”