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Index
Engines That Move Markets 2nd Edition
Contents
Acknowledgements
Foreword to the First Edition by Sir John Templeton
introduction
Making Sense of Technology Bubbles
Purpose of the research
Questions raised
The scope of the research
New and updated material
Timeless lessons
chapter 1
Making Tracks
The Industrial Revolution, canals and railways
Introduction
Funding the Industrial Revolution
The heyday of canals
The new production technology is adapted for transport
Responding to the threat
Success not guaranteed
Optimism and gearing
Heroes and villains
How the boom ended
Conclusions
chapter 2
Breaking Out
The story of the US railroads
Beginnings: boats, barges and horses
Vanderbilt and America’s steamboat wars
Towards a rail network
A game of monopoly: the fight for Erie
The rule of law – or corruption?
Competition and consolidation
The battle for control of the West
The railroad wars intensify
Competition of the transcontinental route
Conclusions
chapter 3
Investing at the Speed of Sound
How the telephone changed everything
Origins of the telegraph
The British experience
Western Union and the US market
Competitors emerge
The emergence of the telephone
From prototype to commercial development
Western Union changes tack
The importance of patents
Competition arrives
The market matures
Enter Theodore Vail
Conclusions
chapter 4
Lighting Up
Edison and the electric lamp
The search for illumination
Gas: a comfortable monopoly
The development of electric light
The Brush stock market bubble
The roots of arc lighting’s failure
Next step: the incandescent lamp
Thomas Edison enters the field
Maintaining an interest in both camps: diversifying risk
Propaganda and confidence
On-off enthusiasm in the markets
Edison’s corporate ventures
Westinghouse and the AC/DC wars
The industry consolidates
Conclusions
chapter 5
Digging Deep
The search for oil
Edwin Drake’s discovery
The floodgates open
Rockefeller takes a grip
From participation to domination
The world beyond Pennsylvania
New industry combinations
Public opinion turns against Big Oil
Trustbusting – the dissolution of Standard Oil
Conclusions
chapter 6
Driving Forward
The history of the automobile
The search for a horseless carriage
Europe’s first pioneers
The race to attract attention
America takes a turn of the wheel
Enter the Duryea brothers
The battle for technology leadership
The Lead Cab Trust
The market begins to form
The impact of Henry Ford
Early attempts to consolidate
Durant joins the fray
The Studebaker story
The evolution of the automobile industry in America
The industry in Europe
Conclusions
chapter 7
Making Waves
The story of wireless, from Marconi to Baird
Marconi and the origins of wireless
From wire to wireless – the technology in context
Marconi courts the press
Scientific scepticism
From demonstration to practicality
The market starts to develop
Stock funding, De Forest style
The Marconi companies
Government steps in
Commercial spin-offs from the radio
RCA – the national champion
The birth of broadcasting
Development of the broadcasting industry
Television: an idea ahead of its time
Conclusions
chapter 8
Making it Count
From adding machines to mainframes
The business of counting
Babbage and his engines
The cash register rings up
Big business in counting heads
The race to find other uses
The next wave of innovation
The legacy of Bletchley Park
Next stop the vacuum tube
ENIAC and EDVAC
Up against the funding wall
Success for the UNIVAC
The arrival of the transistor
Computer wars
Timesharing: an idea before its time
From mainframes to minicomputers
Conclusions
chapter 9
Processing Power for All
The rise of the PC
The roots of the PC
The birth of Intel
The calculator – accidental mass market product
Economic imperatives
From calculators to the PC
Creating an industry
From myth to reality – two new products
Apple and the search for a user-friendly machine
IBM lumbers in
Send in the clones
Microsoft’s vision
The PC business in perspective
chapter 10
The Internet
How computing timeshare became a global phenomenon
Part I: The lure of computer networking
Something stirs in academia
Timeshare computing: means to an end
Nurtured by the military
Marketing the dream
From academia to commercialisation
Enter Cisco Systems
Towards an electronic post office
The challenge of access
Part 2: Commericalising the Internet
Privatisation was the key
The rise and fall of Netscape
Getting access: America Online
Browser wars
A new business model
The Yahoo story
Google – so much for first-mover advantage!
The market developed differently
A pioneering IPO
Amazon: buying things
Heading to market
Facebook: the rise of social media
Part 3: The Internet bubble in perspective
A new Industrial Revolution…
…and a monster stock market bubble
Inflating the bubble
Valuation issues
Web 1.0 (1997–2003): analysing the Internet boom
Out of the wreckage
Web 2.0 (2008+): a new bubble?
Part 4: Looking to the future
Towards a brave new world
chapter 11
The Anatomy of Technology Investing
The persistence of change
Clear in retrospect, but rarely in advance
The technology cycle
What works and what does not
The economic impact
The Internet and the technology cycle
The market impact of the Internet bubble
The misallocation of capital to telecoms
Where we are today
The broader impact and the future
Timeless lessons about technology investing
Publishing details
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