Commentary: You've Got The New Economy All Wrong, Mr. Gerstner

Turnabout is fair play. During the soaring years of the Internet IPO boom, it was fashionable among the digerati to dismiss large companies such as IBM as dinosaurs, ill suited for the Internet Age. So in the wake of the dot-com meltdown, it's only natural that IBM CEO Louis V. Gerstner Jr. would indulge in a few shots of his own. "The startups were fireflies before the storm," he told attendees at IBM's analyst meeting on Nov. 8. In his words, the new companies are now "dot-toast."

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