Upside to the internet bubble

Here is an essay that is so full of content that I cannot summarize it in a few lines. The title refers to the internet bubble, but the ten numbered points that follow are all worth a twice-over reading.

The aspect of the Internet Bubble that the press seemed most taken with was the youth of some of the startup founders. This too is a trend that will last. There is a huge standard deviation among 26 year olds. Some are fit only for entry level jobs, but others are ready to rule the world if they can find someone to handle the paperwork for them.

A 26 year old may not be very good at managing people or dealing with the SEC. Those require experience. But those are also commodities, which can be handed off to some lieutenant. The most important quality in a CEO is his vision for the company's future. What will
they build next? And in that department, there are 26 year olds who can compete with anyone.

My preoccupation with "real" vs "reported" profits makes me look harder at the big picture of business than most people I know. Only ten days ago I was complaining about outsourcing as a smoke screen for lost value. In some way this essay is connected to what I was thinking then. My thinking is slow but generally accurate. I still haven't puzzled out the connections between outsourcing and this essay, but I am still working on it.