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Buy, Lie, and Sell High : How Investors Lost out on Enron and The FMMills.F 5/14/02 3:56 PM Page i About Jonathan Lebed—a teenager who made money day trading on the Internet but ran afoul of Federal regulations—Arthur Levitt, former Chairman of the Securities and Exchange Com- mission, is said to have commented, “Put it this way, he’d buy, lie, and sell high.”1 FMMills.F 5/14/02 3:56 PM Page ii FMMills.F 5/14/02 3:56 PM Page iii Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble FTPH_FM.fm Page i Wednesday, August 22, 2001 12:16 PM In an increasingly competitive world, it is quality of thinking that gives an edge—an idea that opens new doors, a technique that solves a problem, or an insight that simply helps make sense of it all. We work with leading authors in the various arenas of business and finance to bring cutting-edge thinking and best learning practice to a global market. It is our goal to create world-class print publications and electronic products that give readers knowledge and understanding which can then be applied, whether studying or at work. To find out more about our business products, you can visit us at www.ft-ph.com FMMills.F 5/14/02 3:56 PM Page v Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble D. Quinn Mills An Imprint of PEARSON EDUCATION Upper Saddle River, NJ • New York • London • San Francisco • Toronto Sydney • Tokyo • Singapore • Hong Kong • Cape Town Madrid • Paris • Milan • Munich • Amsterdam www.ft-ph.com FMMills.F 5/14/02 3:56 PM Page vi Library of Congress Cataloging-in-Publication Data A catalog record for this book can be obtained from the Library of Congress. Editorial/Production Supervision: Carol Wheelan Composition: Ronnie K. Bucci Cover design director: Jerry Votta Cover design: Talar Boorujy Art director: Gail Cocker-Bogusz Interior design: Meg VanArsdale Manufacturing buyer: Maura Zaldivar Executive editor: Jim Boyd Editorial assistant: Allyson Kloss Marketing manager: Bryan Gambrel ©2002 Pearson Education, Inc. Publishing as Financial Times Prentice Hall Upper Saddle River, New Jersey 07458 Financial Times Prentice Hall books are widely used by corporations and government agencies for training, marketing, and resale. For information regarding corporate and government bulk discounts please contact: Corporate and Government Sales (800) 382-3419 or [email protected] Company and product names mentioned herein are the trademarks or registered trade- marks of their respective owners. All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher. Printed in the United States of America 10987654321 ISBN: 0-13-009113-8 Pearson Education LTD. Pearson Education Australia PTY, Limited Pearson Education Singapore, Pte. Ltd. Pearson Education North Asia Ltd. Pearson Education Canada, Ltd. Pearson Educación de Mexico, S.A. de C.V. Pearson Education—Japan Pearson Education Malaysia, Pte. Ltd. FinancialTimes_series.fm Page 1 Tuesday, May 7, 2002 9:47 AM FINANCIAL TIMES PRENTICE HALL BOOKS For more information, please go to www.ft-ph.com Dr. Judith M. Bardwick Seeking the Calm in the Storm: Managing Chaos in Your Business Life Thomas L. Barton, William G. Shenkir, and Paul L. Walker Making Enterprise Risk Management Pay Off: How Leading Companies Implement Risk Management Michael Basch CustomerCulture: How FedEx and Other Great Companies Put the Customer First Every Day J. Stewart Black and Hal B. Gregersen Leading Strategic Change: Breaking Through the Brain Barrier Deirdre Breakenridge Cyberbranding: Brand Building in the Digital Economy William C. Byham, Audrey B. Smith, and Matthew J. Paese Grow Your Own Leaders: How to Identify, Develop, and Retain Leadership Talent Jonathan Cagan and Craig M. Vogel Creating Breakthrough Products: Innovation from Product Planning to Program Approval Subir Chowdhury The Talent Era: Achieving a High Return on Talent Sherry Cooper Ride the Wave: Taking Control in a Turbulent Financial Age James W. Cortada 21st Century Business: Managing and Working in the New Digital Economy James W. Cortada Making the Information Society: Experience, Consequences, and Possibilities Aswath Damodaran The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies Henry A. Davis and William W. Sihler Financial Turnarounds: Preserving Enterprise Value FinancialTimes_series.fm Page 2 Tuesday, May 7, 2002 9:47 AM Sarv Devaraj and Rajiv Kohli The IT Payoff: Measuring the Business Value of Information Technology Investments Nicholas D. Evans Business Agility: Strategies for Gaining Competitive Advantage through Mobile Business Solutions Kenneth R. Ferris and Barbara S. Pécherot Petitt Valuation: Avoiding the Winner’s Curse David Gladstone and Laura Gladstone Venture Capital Handbook: An Entrepreneur’s Guide to Raising Venture Capital, Revised and Updated David R. Henderson The Joy of Freedom: An Economist’s Odyssey Philip Jenks and Stephen Eckett, Editors The Global-Investor Book of Investing Rules: Invaluable Advice from 150 Master Investors Thomas Kern, Mary Cecelia Lacity, and Leslie P. Willcocks Netsourcing: Renting Business Applications and Services Over a Network Al Lieberman, with Patricia Esgate The Entertainment Marketing Revolution: Bringing the Moguls, the Media, and the Magic to the World Frederick C. Militello, Jr., and Michael D. Schwalberg Leverage Competencies: What Financial Executives Need to Lead D. Quinn Mills Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble Dale Neef E-procurement: From Strategy to Implementation John R. Nofsinger Investment Blunders (of the Rich and Famous)…And What You Can Learn From Them John R. Nofsinger Investment Madness: How Psychology Affects Your Investing… And What to Do About It FinancialTimes_series.fm Page 3 Tuesday, May 7, 2002 9:47 AM Tom Osenton Customer Share Marketing: How the World’s Great Marketers Unlock Profits from Customer Loyalty W. Alan Randolph and Barry Z. Posner Checkered Flag Projects: 10 Rules for Creating and Managing Projects that Win, Second Edition Stephen P. Robbins The Truth About Managing People…And Nothing but the Truth Fernando Robles, Françoise Simon, and Jerry Haar Winning Strategies for the New Latin Markets Jeff Saperstein and Daniel Rouach Creating Regional Wealth in the Innovation Economy: Models, Perspectives, and Best Practices Eric G. Stephan and Wayne R. Pace Powerful Leadership: How to Unleash the Potential in Others and Simplify Your Own Life Jonathan Wight Saving Adam Smith: A Tale of Wealth, Transformation, and Virtue Yoram J. Wind and Vijay Mahajan, with Robert Gunther Convergence Marketing: Strategies for Reaching the New Hybrid Consumer FMMills.F 5/14/02 3:56 PM Page x FMMills.F 5/14/02 3:56 PM Page xi To Betsy and Shirley FMMills.F 5/14/02 3:56 PM Page xii FMMills.F 5/14/02 3:56 PM Page xiii Contents Acknowledgments xix Part I The Bubble and Capital Markets 1 chapter 1 How to Use This Book 3 Why This Book Has Been Written 3 How This Book Was Written 4 An Unusual Feature of This Book: Contributions from Others 5 The Message of This Book: How to Avoid Another Bubble and How to Protect Yourself If It Occurs 5 Talking Points 5 chapter 2 Destroyed by the Bubble 7 The Capital Markets as an Engine of Progress 12 The Social and Economic Utility of Capital Markets 12 The Internet, Capital Markets, and Innovation 13 The Early-Stage Financing of the Internet 14 xiii FMMills.F 5/14/02 3:56 PM Page xiv xiv Contents The System Hits a Glitch 15 Talking Points 16 Part II How the Bubble Happened 17 chapter 3 Causing the Bubble 19 The Technology Bull Market 19 The Bubble 20 Why Did the Bubble Form? 22 Day Trading and the Source of the Bubble 23 Other Bubbles in History 24 The Software Cycle 25 The Transfer of Wealth 29 Talking Points 31 chapter 4Inflating the Bubble: The Financial Value Chain 33 The Financial Value Chain 33 Diagramming the Financial Value Chain 35 When Economic and Financial Value Diverge 38 Why the Huge Valuations for Internet Companies? 40 How the Financial Value Chain Should Have Worked 42 Defending Enormous Valuations 43 Talking Points 45 chapter 5 What it Meant to “Do the Right Thing” at Enron 47 Enron as an Internet Company 48 Inflating the Enron Bubble 49 Wall Street’s Involvement 49 The Key Role of the Accountants 50 Equity Analysts Promote the Company 51 Politicians Lend Their Aid 52 Evaporating Employee Pensions 53 Unethical, Unfair, but Illegal? 53 FMMills.F 5/14/02 3:56 PM Page xv Contents xv Enron’s Significance 54 Talking Points 54 Part III Inexperienced Leaders 57 chapter 6 Dumb Kids? 59 Blaming the Entrepreneur—He’s Dumb 59 Amazon.com’s Miracle 60 How Amazon Flouted the Rules 61 The Learning Failure 62 Talking Points 73 chapter 7 How Some VCs and Bankers Led Entrepreneurs in the Wrong Direction 75 Having to Go to the Venture Firms 75 Pressure to Spend 79 A Strategy’s Limitations 81 Like Sheep to the Slaughter 83 Get-It-Right Instead of Get-Big-Fast 83 Talking Points 90 Part IV How Venture Firms Changed Their Criteria 91 chapter 8 Building to Flip 93 Venture Capital 93 Rushing to an IPO 94 Exiting an Investment 95 How Their Own Rules Were Changed by the Venture Capital Firms 96 The Baby Goes Out with the Bathwater 97 Talking Points 105 chapter 9 Choosing the Wrong People 107 Whom to Back 107 Garden.com: A Mistake from the Get-go 108 FMMills.F 5/14/02 3:56 PM Page xvi xvi Contents Boo.com 111 Did the Venture Firms Make Money from the Bubble? 113 Talking Points 114 Part V Taking Start-ups to the Public 117 chapter 10 How Investment Banks Inflated
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