There is a difference between Web 1.0 (the first dotcom rush during 1998-2000) and Web 2.0. The former had reached a peak (in valuations, although the companies were not making money). Then the share prices crashed.
But now most of the internet companies are making money. If Web 1.0 valuations had a very high multiple, today's multiple is very reasonable. It is a very promising industry. Several years ago (in 2001), BusinessWeek magazine had done a cover story on Internet saying that Internet was the last believer of the internet (laughs). Many people, especially in the investment community, became very sceptical about the internet.
But we did not lose confidence. We believed that the internet industry is for genuine. It's going to grow and it has a high potential. So we kept on investing (in internet companies).
