by Patricia Sellers
Many people are asking: Will Internet analyst Mary Meeker be savvy enough at spotting brand-new businesses to succeed as a venture capitalist in Silicon Valley?
Quitting Morgan Stanley (MS), where she's worked for 19 years, to become a partner at Kleiner Perkins Caufield & Byers is a major career switch. "Will I be good at this?" is one of several questions she asked herself, Meeker, 51, told me yesterday.
The question is fair for anyone to ask since Meeker's mojo -- and stature as one of Fortune's Smartest People in Tech -- lies mainly in spotting mega-trends (her 424-page report on the mobile Internet was on every techie's reading list a year ago) and analyzing companies just before they go public and after the stock is trading.
As I said yesterday in my Postcard on Meeker's move, Morgan Stanley CFO Ruth Porat claims that Meeker is so good at "seeing around corners" that she'll thrive in her new West-coast gig. Porat recalls that in the late '90s when she was an investment banker working with Meeker to finance startups such as AOL (AOL) and eBay (EBAY), Morgan Stanley couldn't work with Amazon.com (AMZN) on its IPO because Barnes & Noble (BKS) was a client. Meeker's prediction at the time: Amazon's stock-market value would exceed Barnes & Noble's sometime soon after the IPO.
This was the spring of 1997, one year after Meeker had garnered fame by publishing the first of her analytical tomes on the future of the Internet. But as she contended that Amazon would revolutionize customer relationship-building as well as book-selling, most people thought her prognostication was nuts. How could a tiny Internet retailer possibly supplant a national bookstore giant.
It happened, by measure of market cap, in just over a year. Amazon's stock-market value surpassed B&N's on June 9, 1998. Both companies were worth about $2.4 billion then.
And today? Amazon is worth $78.8 billion. Barnes & Noble: $829 million.
P.S. This evening, I'll be interviewing Yahoo (YHOO) CEO Carol Bartz at a Fortune Most Powerful Women dinner in Silicon Valley. What should I ask Bartz? Please suggest questions. Click here if you'd like to watch the Bartz interview live on Tuesday at 8 p.m. PST.
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by Patricia Sellers
When Internet analyst Mary Meeker announced at Morgan Stanley's Monday morning meeting today that she's leaving to become a venture capitalist at Kleiner Perkins Caufield & Byers, most people were surprised.
But to those who know Meeker, the so-called Queen of the 'Net since the late '90s, her move from Wall Street to Silicon Valley is a long time coming.
I mentioned this "rumor" (will Meeker leave Morgan Stanley to MORE
Patricia Sellers - Nov 29, 2010 5:18 PM ET
by Patricia Sellers
I'm back from "vacation." Since the Fortune Most Powerful Women Summit (view sessions here) wrapped in early October, the "chronic networker" that I am (one of my Time Inc. bosses accused me of being this) has been racing around the U.S. -- LA, San Francisco, Palo Alto, Boston, Atlanta, Allentown PA, my hometown. I'm back on New York terra firma at last.
While I was out, I worked on MORE
Patricia Sellers - Nov 2, 2010 11:31 AM ET
by Patricia Sellers
John Mack interviewed Hank Paulson at New York University's Stern School last evening. The Morgan Stanley (MS) chairman, who recently turned over the CEO reins, told me that he wanted to push some emotional buttons in the former U.S. Treasury Secretary and onetime CEO of Goldman Sachs (GS).
And he did. The two talked about the hairiest, scariest moments of the global financial crisis. Mack credited Paulson with keeping MORE
Patricia Sellers - Mar 4, 2010 11:51 AM ET
My Fortune colleague Carol Loomis passed on this YouTube video of a talk that Morgan Stanley (MS) CEO John Mack delivered last week at Wharton. It's a remarkably candid play-by-play of living through the global economic meltdown.
Mack talks about being pushed by Tim Geithner, then head of the New York Fed, to do a deal with JPMorgan Chase (JPM) or Citigroup (C) or another partner that might stabilize the teetering MORE
Patricia Sellers - Oct 23, 2009 4:41 PM ET
by Patricia Sellers
Maybe it's a sign of recovery in the financial services industry: Wall Street's two most renowned women dropouts have settled on what to do next. Yesterday on Postcards, you read Sallie Krawcheck's bizarre tale of her bumpy road on the way to Bank of America (BAC). Today, news broke that former Morgan Stanley (MS) co-president Zoe Cruz is starting a hedge fund.
Cruz, who spent her entire career at MORE
Patricia Sellers - Oct 9, 2009 12:21 PM ET
Addendum: Morgan Stanley sources say that Wallid Chammah, widely viewed and ID'd below as a contender to be CEO of Morgan Stanley, took himself out of the race a year ago, after he and his family moved to London. James Gorman's rivals for the top job, in fact, were outsiders. Spencer Stuart recruiter Tom Neff gave the board a list of names known to include usual suspects such as ex-Merrill MORE
Patricia Sellers - Sep 10, 2009 5:26 PM ET
by Patricia Sellers
As CIT gets a lifeline to stave off bankruptcy--a $3 billion deal with bondholders is reportedly in the works--the CEO who got the company into trouble is hanging on. But Jeff Peek's reputation is in tatters.
This is the third time in eight years that Peek has failed to grab the golden ring and redeem his reputation. First at Merrill Lynch (BAC), then at Credit Suisse Group (CSGKF), and MORE
Patricia Sellers - Jul 20, 2009 4:36 PM ET
"Right now, nothing is more important than a nimble, agile leader, who is comfortable with ambiguity and figuring it out as they go along."
--Avon (AVP) President Liz Smith, in a discussion led by Pattie Sellers at NYU today. The panel, which also included Cece Sutton, Morgan Stanley's (MS) new retail banking president, was hosted by Forte Foundation. (To view video of the dialogue, click here.)
Smith and Sutton, both on Fortune's MORE
Jessica Shambora, Writer-Reporter - Jun 26, 2009 6:54 PM ET
The ouster of Bank of America's (BAC) chief risk officer, Amy Brinkley, was inevitable, as I wrote in "Behind the shakeup at BofA" on Friday.
And as I mentioned in that piece, two years ago, Fortune featured Brinkley and five other execs in "One Step Away," about rising-star Most Powerful Women on track to be CEOs of Fortune 500 companies someday. So what's happened to the other five?
One woman made it MORE
Patricia Sellers - Jun 8, 2009 12:31 PM ET
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