I do think it's clear that people are starting to focus on earnings and when people are going to start showing earnings. Although Yahoo! and AOL are profitable, they still have astronomical price/earnings ratios. It's going to be a while before earnings catch up to valuations.
The more targeted advertising is the most valuable online real estate. If a user looking for a specific product can't access information about it on Yahoo!, he may go elsewhere.
There is some precedent here with eBay. They have suffered several outages, some at critical times, without losing a significant amount of customer goodwill.
There are so many companies that are public now that I can't see everybody making it. I don't think some of these new publicly traded companies are going to survive.
I don't think Allen plans to stop there. He's said publicly that he is committed to doubling his cable holdings by the end of the year.
This has been a little unusual in that Internet stocks have been selling off on a steady basis. Usually, you see the sector down 20 percent one day then up 40 percent the next.
