Don’t get me wrong, we are inning 1-2 of the Internet, but you can still have a frothy environment and giant drawdowns within the major trend.

This could be a ‘Triple Lindy’ OY for the internet:

1. Facebook frenzy (color me included) – Rumors that Zuckerberg now has a $15 BILLION valuation on Facebook, even perma ‘glass is half full’ bull me is concerned. As Wired reported via Alley Insider last year , Facebook/Zuckerberg had all but approved a Yahoo $1 billion deal WAY WAY WAY back in 2006 .

2. Amazon back at all-time highs (I am long :) )

3. WTF ?

I was chatting at lunch with some friends about the first bubble and the CEO from Infospace coming on CNBC in 2000 and predicting his company becoming the FIRST ‘TRILLION’ dollar company. That was not the best time to buy internet stocks.

Just a friendly reminder…AND

It’s not that all this news surrounding the internet is a little frothy, it’s more that I am long :) .