My biggest fear, all right, that’s an outright lie. 

Let’s try again: something that worries me is seeing another bubble creep up.  Frankly, I was one of the rare types that benefitted from the bubble.  Not quite like Google did… obviously, but as our competitors faltered it created an opening for my old company.  Translation, my old company exited for $13.5M in 2005 after launching in 2000 while our largest competitor rose $17M in financing in 1999 and shut down in 2000.  That being said, as a web entrepreneur now, no one wants to see things pop.

That’s why I am happy - even as a shareholder in public securities - when the stock market shows caution.

Valueclick announced its quarterly figures: earnings rose 90% off a 34% spike in revenues.  It’s a stock I bought ages ago in the high single digits and sold in the high teens (not sweet).  But I own many in its peer group (aQuantive, for one) so I like to see it do it.  90% spike in profits? 34% spike in revenues?  That’s pretty sweet.

What happens?  Stock falls $2 the next day. 

Sure, the stock has risen quite a bit and it only narrowed guidance and not up it:

The company narrowed the range of its 2007 sales guidance to a range of $655 million to $665 million, from $645 million to $665 million.

I’m telling you, public investors are extremely rational and so-not-exuberant… it’s the private market that is crazy.

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