Thursday, June 01, 2006

Every day I love you less and less

I remember that my first question in an email exchange with the newly launched Vonage in fall 2002 was, "Is the company's name pronounced like 'mirage' or like 'damage'?" Of course, they responded "damage," but I don't think they appreciated how prescient this would turn out to be - and not just for them.

Over at Seeking Alpha, David Jackson, the hardest working man in the financial blog business, jumps on the high pile of negative commentators with a short and sour summation. Just yesterday I was pondering what would happen if the institutions take umbrage at the "preferential" treatment given to the disgruntled retail investors - once again the real beneficiaries of the VoIP revolution may turn out to be the lawyers.

I also had a look a the valuation based on yesterday's closing price of $12.02, which is a market cap of $1.87bn, and recalled a bit of speculation on my part sometime back that we were looking at a figure around $1bn. Well, we're halfway there, and it's only been a week.

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