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The Rise and Fall of Telecoms

The Rise and Fall of Telecoms. Thomas W. Hazlett American Enterprise Institute (thazlett@aei.org) Phoenix Center for Advanced Legal and Economic Public Policy Studies July 11, 2001. AEI Broadband Debate July 12. Harold Furtchgott-Roth James Glassman Thomas Hazlett

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The Rise and Fall of Telecoms

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  1. The Rise and Fall of Telecoms Thomas W. Hazlett American Enterprise Institute (thazlett@aei.org) Phoenix Center for Advanced Legal and Economic Public Policy Studies July 11, 2001

  2. AEI Broadband Debate July 12 • Harold Furtchgott-Roth • James Glassman • Thomas Hazlett • 10-12 am @ AEI, 1150 17th St., NW • 202-862-5800 • Ticketron/WWF pay-per-view

  3. Part e-Time on Wall Street • 1995-1999: Extraordinary returns • S&P500: 26% annualized • Nasdaq: 40% annualized • Windows 95 • Last victorious campaign of the PC revolution • The Browser Jihad • A mass market for e-commerce • The IPO gold rush

  4. The Third Wave • Broadband • The consensus next big thing • Communications takes off late • Nasdaq peak March 10, 2000 • Summer rally in fiber optics

  5. Rise and Fall • Infrastructure investments chased software and Internet in the race to stake claims • Waves of “creative destruction” are inherently unstable • Low cost capital evaporates • Regulation to reduce capital requirements makes process more volatile

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