Can you give a bit of insight into this? It seems to me that facebook or twitter are simply a reinvention of the same kinds of companies that started and failed in the dotcom era.
I thought the lesson learned was that technology companies are not magic. And one should invest in companies with a sound business model. What about twitter or facebook invalidates this?
The lesson learned was to not to avoid companies that aren't currently profitable. It was to avoid companies that could never be profitable-- e.g. because they were buying users. Facebook and Twitter aren't doing that.
I thought the lesson learned was that technology companies are not magic. And one should invest in companies with a sound business model. What about twitter or facebook invalidates this?