... the gravy train is bearing down on the buffers. Has the anticipated time of Internet bubble deflation arrived? This is a difficult question to answer. In the United States, the drop in value of almost all technology stocks, originally fuelled by uncertainty over Microsoft's future, has been dramatic. The leading shares lost most of their value since the end of last February. Internet stocks fared no better (and some considerably worse), with leading stocks well off their highs. In Europe, there are fewer TMT stocks to make direct comparisons, but the better-known Internet stocks have done little to encourage positive investor sentiment, led by the two great disappointments of lastminute.com in the UK and World Online in the Netherlands. Being as generous as possible, both have been victims of bad advice, with the World Online float hamstrung by revelations of pre-float stock selling by Nina Brink, and the lastminute float price ...

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