Paul Krugman of the New York Times is calling this economic decade ‘The Big Zero ‘.
It was a decade in which nothing good happened, and none of the optimistic things we were supposed to believe turned out to be true.
Paul and I smoke insanely different tobacco. As an entrepreneur that has managed a hedge fund now for 11 plus years through bubbles and crashes, I almost take offense.
When 2000 started I was living pretty high on the hog. Stocks only went up and they did so 50 points at a time. By March of 2000, that party ended. In March of 2009, if the same stocks moved $50, they would have been -$49 and change. BUT, by December 2009, the S&P is only 28 percent below all-time highs.
That’s definitely SOMETHING.
This decade was all about two things, creative and greedy destruction. Both hit all-time highs in 2009. In ten years we will see dizzying new highs again.
If anything, this decade did not see enough creative destruction…see AT&T.
As for creative greed , count me as a wounded, frustrated casualty. In 2000, I was way green and soft. When bad stuff happened to me I was a victim godammit! In 2009, when bad stuff happens to me, I blame myself. That’s a little growth :) .
In 2001, I was caught up in ‘collateral damage’ and I learned about diversification and humility. My lawyer was my best friend and saved/guided my ass (I love you Sara). I have written a few posts about it over the years . In 2009, I know that if my lawyer is my best friend, I am in trouble. That’s something.
Since my personal economic bottom in 2002, I have had many big victories . There was an insane amount of hard work, a lot of good fortune and a little luck. In 2005 I discovered blogging when I typed ‘term sheet’ into Google’s search box. I was directed to Brad Feld’s blog. I was inspired by Brad and his wicked blogroll of entrepreneurs and venture capitalists. That term sheet was one I was writing for an angel investment in GolfNow.com .
As you know though, blogging is a waste of time and of no economic value.
In 2006, I started Wallstrip. In 2007, Wallstrip was purchased by CBS. Booyah!
In 2008, after writing the obligatory book (a bestseller…in Haiti!), I co-founded Stocktwits. In 2009, True Ventures and Foundry (yep Brad Feld) invested. In 2010, someone from Russia will invest bonker dineros. That’s just how shit will go down in the next decade of the web.
It’s not just economic progress….it’s global, thermonuclear economic progress – with a side of money laundering.