Don't invest in InternetI can live all day inside the Internet.I can talk to my friends, listen to music, watch TV, trade stocks, play games, do work-all on the Internet.From 6 a.m. until 10 p.m. every day I can spend on the Internet and it would be a day well spent.But run for the hills when it comes to advising clients to invest in the Internet.Columnist and portfolio manager James Altucher explains to Simon Constable why Google, Facebook and other Internet plays are dead from an investment standpoint.Plus what stocks are hot in the rest of the economy.The days of infinite margins, 1,000% productivity gains, and growth of market throughout the universe are long over.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.Even then, I’m not sure I would give the Internet sector the same respect as the monopoly-protected utility sector.Don’t just ask me. Ask the best. Nobody can figure out a business model.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.And News Corp. is shaking up its My Space business as it figures out its next steps (News Corp. owns Dow Jones, publisher of this newswire).
不要投资互联网我可以整天在互联网上生活。我可以跟朋友聊天、听音乐、看电视、炒股票、玩游戏、工作――一切都在网上进行。每天从早6点到晚10点我都花在网上，这一天过得很不错。但是当要建议客户投资互联网的时候，这就是自寻死路了。专栏作家、投资经理詹姆斯阿尔托奇向西蒙康斯特布尔解释为何Google、Facebook和其他网络应用将由于一个投资观点而死亡,以及来自其他经济领域的股票很热门的原因。拥有无限保证金,1000%生产率收益和全球市场扩张的日子已经够长了。互联网公司现在需要被买掉,最好就像公共事业公司那样以大约10倍的收益买进再以13倍的收益卖出。尽管如此，我不确定我会给予互联网行业同垄断保护性公共事业公司同样的重视。别问我,问最懂这方面的人。没有人能构建一个商业模式。时代华纳更愿意保留他们的旧媒体业务的遗产比如《人物》杂志,而不是抓着最大的互联网公司之一――美国在线不放。新闻集团正在整顿他的Myspace业务,使之按照设计的下一步走（新闻集团拥有道琼斯,新闻专线的出版商）。
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