If there is a next "hot" market with a bubble, it's going to be commodities -- witness the jump in wheat prices we saw last week. I believe the best we can hope for is a slow march to stagflation/hyperinflation (rather than a quick march). While the Internet sector will be relatively unscathed compared to other areas, a downtrodden stock market, lack of investor confidence, rising prices (particularly amongst staples), entrepreneurs who don't find public companies to be advantageous, and a weak dollar are all going to work against a hot IPO market.

The forthcoming revolution in finance is about money going outside of the US (dollar devaluation is certainly helping that), microfinance, and investments of social/intellectual capital disrupting investments of monetary capital.

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Keith Benjamin, who was a wall street analyst when I first met him almost 10 years ago, has posted twice in the past week and a half about the impact the "credit crunch" could have on tech IPOs and venture returns. ...

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