The Internet Is Dead (As An Investment)

From James Altucher at the Wall Street Journal . . .
The Internet Is Dead (As An Investment) (July 17, 2009)
Soundbites:
“Internet companies now should be treated, at best, like utility companies that get bought at about 10 times earnings and sold at 13 times earnings.”
“Time Warner would rather keep their legacy old-media businesses like People magazine than hold onto one of the biggest Internet companies out there, AOL.”
“News Corp. (owner of DowJones) is shaking up its MySpace business as it figures out its next steps.”
“Microsoft has spent billions on Internet strategy without a dime of profit.”
“Google can’t seem to find any other business model other than the one [search ads] they stumbled into ”
Agree? Disagree? Haven’t got a dime left to invest anyway?
At least libraries provide dividends to their communities as investments.
Stephen