The Year of the Not and Dot Coms

By Jim Lawrence

In the December issue, where we covered the best of the year 2000, we did not cover the dot-coms. This is largely because, on our first assessment, we noted that the year 2000 had more dot-comers running for cover than running for coverage. This is not to say that there were not some bright spots. Also, where there were things symptomatic of the great abyss in the arena, even those who did not perform well gave it their best shot. Hey, it is not a race unless someone wins and someone loses and it is always competition that makes the product better.

What a year its been for the dotcom world! It began with a sky’s the limit sort of optimism and is ending with the sobering realization that hard work is critical, but that even hard work may not be enough. Dotcom mania was the sort of funding spree we had not seen since the early days of the “Asian Tigers” market frenzy of the mid nineties. Flows of funds dreaming of 300% returns (at least that is what the papers were touting) helped support an industry filled with eager young revolutionaries set upon changing an industry. Everywhere we turned during that heady first quarter there were new ideas for shipping, primarily borrowed from other business sectors and given a maritime pitch (but never mind), that promised efficiencies, cost savings, new ways of buying or trading.

It was exciting. The ideas and technology really did look new. The economy was strong, investment dollars were making people rich and our industry, big and small, really was exploring the concepts, or at least email. Ours is a very compelling story involving the movement of billions of dollars worth of goods and services around the world, on consumption happy assets requiring a global inventory of products and hardware. The early spring ramp-up included mention of some of the stronger players in such dotcom icons as Industry Standard and consumer trades as Forbes.

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