People who know me have heard my commentary on the first internet market wave (of which I was a part), the second wave (which is happening right now), and the third market wave which is the profit wave. Dotcom businesses were launched in the 90s to gain users, and the valuation was based on the innate value of users and not revenues. This is why so many internet businesses were valued well in the stock market and failed to generate real profits. That was the first wave of the internet market. The second wave is happening now, and it is the onslaught of "social networking" for the purpose of attracting users. This smacks of the failed models from the 90s, only some of them make money because they successfully sell advertising. Those are profitable. Then, there ....

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