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Beware internet millionaires in sheep’s clothing

House of cards - get rich quick internet scamsI remember during the heady days of the dotcom bubble, in 2000, being in a meeting where we were discussing the rapid decline in valuations of dotcom companies. The over-valuation of LastMinute.com made investors doubt how companies could be valued so high without revenues or guaranteed future income, and suddenly they were looking at internet companies like real businesses.

The bubble burst quickly, just like the current global recession was caused by people realising the financial system was a house of cards based on credit and imaginary money that could not possibly all be paid back.

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