Capital Markets Sow the Seed and Reap the Fruit
Capital markets have always rewarded growth
1998-2000 hyper-growth was hyper-rewarded
Growth metrics rewarded rather than business fundamentals
Customers, subscribers, CAPEX budgets, multi-city expansion
Sound and flaky businesses attracted capital alike
Sound businesses grew flaky to demonstrate hyper-growth
Ooops!! There are no fundamentals in sight – Stop!
The brakes were bad and the debris is scattered far and wide