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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

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
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
part e time on wall street
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
the third wave
The Third Wave
  • Broadband
    • The consensus next big thing
  • Communications takes off late
  • Nasdaq peak March 10, 2000
    • Summer rally in fiber optics
rise and fall
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