Tech moneyman slams tech scene
About $40 billion will go into venture capital this year and recently IPO'd stocks are up 20 percent since June. But Paul Wick of J&W Seligman, which the Financial Times calls "one of the biggest specialist tech mutual fund investors," still isn't happy about the big, special tech market. He told an audience at Venture Summit West that he blames sell-side analysts for not telling investors when to cash out on bubbly valuations.
It's really bothersome for those of us trying to navigate the public markets. What we see happening, the sell-side totally ignores the fact that there's a ton of competition coming at them in 2008, a lock-up expiration is coming. We're supposed to just hang on to these things — and buy more.
Of course you are. How else are the Valley's billionaires supposed to get even richer? This is how it works, Paul: We sell the shares, you buy them. Get with the program.