10 01 05 Web 2.0 Weekly Special Edition

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TOP FIVE DEALS OF 2009
The Top Five: Despite over 400 transactions in 2009, it wasn’t hard choosing our Top Five transactions for 2009 (with a little bit of massaging). Our Top Five transactions are: Facebook’s $200 million D round, Twitter’s $100 million E round, the $2.25 billion acquisition of Skype, the almost $1 billion in financing/M&A for Social Gaming companies (including Zynga, Playdom and Playfish), and the incredible per unique visitor value ascribed in the financing for location-based social networking company Gowalla.
• Facebook raises $200 million D round: In May 2009, Facebook announced a new financing round – raising $200 million from Digital Sky Technologies. The transaction gave Digital Sky a 1.96% stake, valuing Facebook at $10 billion. This financing brought the company’s total to $678.2 million. This was also the largest financing we recorded in 2009.
• Twitter raises $100 million E round: The third largest financing round in 2009 belonged to Twitter – a $100 million Series E in September 2009. The financing reportedly valued Twitter at $1 billion – a remarkable valuation for a company that has not yet formalized a revenue model! More recently, it has been reported that Twitter was actually profitable in 2009 due to the $25 million in search deals it signed in October with Google and Microsoft.
• Skype is acquired for $2.025 billion: By far the largest overall transaction in our database in 2009 was the acquisition of a majority position (65%) in Skype from eBay for $2.025 billion – announced in September 2009. The transaction was completed in November 2009. eBay had purchased Skype for $4.0 billion in 2005.
• Social Gaming financing activity reaches ~$1 billion (Zynga, Playfish, Playdom, etc.): Perhaps the hottest sector overall in 2009 was Social Gaming. This segment of the Web 2.0 market had the third highest number of deals (39) and generated almost $1 billion in financing/M&A activity – the second highest total overall (Figure 1). Three transactions in particular stand out in the social gaming space – the $400 million acquisition of Playfish (by Electronic Arts, November 2009), the $180 million financing of Zynga (Series C, December 2009, by Digital Sky), and the $43 million first round of financing for Playdom (New Enterprise lead, November 2009, Series A). There has been much speculation as to how the larger social gaming companies will proceed, with potential IPO or further strategic M&A most likely.
• Hottest new sector? Location-based social networks (Foursquare, Gowalla, etc.). Unique visitor value skyrockets: Financing activity for location-based social networks really heated up late in 2009. While the total financing raised in 2009 was quite small (~$15 million), the hype surrounding location-based SNS companies was substantial. In our opinion, this was highlighted by the $8.4 million December Series B financing for Gowalla. The reported valuation of $28.4 million implies a value of $568 for each of its 50,000 users (Figure 2). That compares to a $40 per user value we estimate for the Foursquare financing in September.

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10 01 05 Web 2.0 Weekly Special Edition

  1. 1. 5 January 2010 Web 2.0 Weekly – SPECIAL EDITION David Shore, CFA, MBA 416.860.6784 2009 Review: A Strong Year for Web 2.0 david.shore@researchcapital.com Damian Wojcichowsky, Associate 416.860.7652 damian.wojcichowsky@researchcapital.com SOFTWARE AND MEDIA
  2. 2. Page 2 TOP FIVE DEALS OF 2009 The Top Five: Despite over 400 transactions in 2009, it wasn’t hard choosing our Top Five transactions for 2009 (with a little bit of massaging). Our Top Five transactions are: Facebook’s $200 million D round, Twitter’s $100 million E round, the $2.25 billion acquisition of Skype, the almost $1 billion in financing/M&A for Social Gaming companies (including Zynga, Playdom and Playfish), and the incredible per unique visitor value ascribed in the financing for location-based social networking company Gowalla. • Facebook raises $200 million D round: In May 2009, Facebook announced a new financing round – raising $200 million from Digital Sky Technologies. The transaction gave Digital Sky a 1.96% stake, valuing Facebook at $10 billion. This financing brought the company’s total to $678.2 million. This was also the largest financing we recorded in 2009. • Twitter raises $100 million E round: The third largest financing round in 2009 belonged to Twitter – a $100 million Series E in September 2009. The financing reportedly valued Twitter at $1 billion – a remarkable valuation for a company that has not yet formalized a revenue model! More recently, it has been reported that Twitter was actually profitable in 2009 due to the $25 million in search deals it signed in October with Google and Microsoft. • Skype is acquired for $2.025 billion: By far the largest overall transaction in our database in 2009 was the acquisition of a majority position (65%) in Skype from eBay for $2.025 billion – announced in September 2009. The transaction was completed in November 2009. eBay had purchased Skype for $4.0 billion in 2005. • Social Gaming financing activity reaches ~$1 billion (Zynga, Playfish, Playdom, etc.): Perhaps the hottest sector overall in 2009 was Social Gaming. This segment of the W eb 2.0 market had the third highest number of deals (39) and generated almost $1 billion in financing/M&A activity – the second highest total overall (Figure 1). Three transactions in particular stand out in the social gaming space – the $400 million acquisition of Playfish (by Electronic Arts, November 2009), the $180 million financing of Zynga (Series C, December 2009, by Digital Sky), and the $43 million first round of financing for Playdom (New Enterprise lead, November 2009, Series A). There has been much speculation as to how the larger social gaming companies will proceed, with potential IPO or further strategic M&A most likely. F inancing/M&A (2009) B y S ector/Type 2, 500 2, 000 S eries E S eries D 1, 500 S eries C (US $ mm) S eries B S eries A P IP E Debt financing 1, 000 Angel/S eed Acquis ition 500 0 C rowds ourced C ontent Mobile P a yment Microblog Mobile A d T ravel Advertis ing Online Dating B log Online L earning C las s ified P ublis hing C ollaboration S earch Aggregation V ideo Internet R etail W idget G aming Online C alendar S MS /V oice Mobile C omment/R eputation Advertis ing/Mobile V irtual W orld Mus ic Infras tructure E nterpris e W iki Media S ocial C ommerce V is ual C ommerce Micromedia S ocial Networks Analytics V irtual G oods F inancial S ervices V ertical C ommunities Documents RSS Location-bas ed S NS S AS Figure 1. Capital Market Activity, 2009, By Sector Source. Company reports
  3. 3. Page 3 • Hottest new sector? Location-based social networks (Foursquare, Gow alla, etc.). Unique visitor value skyrockets: Financing activity for location-based social networks really heated up late in 2009. W hile the total financing raised in 2009 was quite small (~$15 million), the hype surrounding location-based SNS companies was substantial. In our opinion, this was highlighted by the $8.4 million December Series B financing for Gowalla. The reported valuation of $28.4 million implies a value of $568 for each of its 50,000 users (Figure 2). That compares to a $40 per user value we estimate for the Foursquare financing in September. E s timated Value per Unique Vis itor S ourc e : C ompany re ports , C ompe te . com $600 $568 $500 $400 ($) $300 $200 $200 $113 $100 $88 $48 $42 $40 $32 $29 $29 $25 $22 $20 $19 $19 $16 $7 $6 $5 $2 $- P la yfis h Y elp Y elp MMC (P oynt) F riendF eed F riends R eunited C lub P enguin P laxo Mint.com B ebo T witter T witter Linkedin S tumbleU pon F ours quare P ageO nce Zynga G owa lla P eople Media F acebook Dec-09 May-08 S ep-09 O ct-08 A ug-09 S ep-09 S ep-09 May-09 Aug-07 F eb-09 F eb-08 Mar-08 J ul-09 Dec-09 Dec-09 Dec-09 N ov-09 Dec-09 May-09 Aug-09 Figure 2. Unique Visitor Value Source. Company reports, RCC estimates, Compete.com
  4. 4. Page 4 2009 FINANCING REVIEW December – the year ends on a high note: Total transaction value in the W eb 2.0 universe for December is $449.4 million (Figure 3). The number of financings stands at 34, averaging $13.2 million each. In comparison, total capital raised in November was $204.4 million, averaging $10.8 million (19 deals); October was $176.1 million, averaging $5.9 million (30 deals); and September was $232.8 million, averaging $9.0 million (26 deals). Financing Activity Last Twelve Months 500.0 16.0 14.2 450.0 14.0 13.2 400.0 12.0 350.0 10.8 10.0 300.0 9.0 (US$m) (US$m) 250.0 7.4 8.0 7.0 6.9 6.4 6.5 6.2 200.0 5.9 5.6 6.0 4.7 150.0 4.0 100.0 2.0 50.0 0.0 0.0 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 *May-09 includes $200m FB investment Total Average Dec-09 includes $180m Zynga investment Figure 3. Financings, Last Twelve Months Source. Company reports
  5. 5. Page 5 September was biggest month: September was the biggest month for capital market activity, driven by the acquisition of Skype for $2.025 billion (Figure 4). After a slow October, financing/M&A activity picked up in the last two months of the year, with December being the largest month for financing (excluding M&A). Total C apital Market Activity - L as t Twelve Months 3, 000 2, 500 2, 000 S eries E S eries D S eries C S eries B 1, 500 S eries A P IP E Debt fina ncing Angel/S eed 1, 000 Acquis ition 500 - Dec-08 J an-09 F eb-09 Ma r-09 Apr-09 Ma y-09 J un-09 J ul-09 Aug-09 S ep-09 O ct-09 Nov-09 Dec-09 Figure 4. Capital Market Activity, by Sector, Last Twelve Months Source. Company reports $10 billion cumulative: W ith $2.8 billion in financing in 2009, total financing for our W eb 2.0 universe is now $9.7 billion (Figure 5). The $2.8 billion raised in 2009 was down 17.2% from the $3.4 billion raised in 2008. Web 2.0 F inanc ing (c umulative) 1,600.0 12, 000.0 1, 431. 6 1,400.0 10, 000.0 1,200.0 1, 067.3 8,000. 0 1,000.0 950.4 830.0 (US $m) (US $m) 800. 0 6,000. 0 713.7 658. 0 662. 0 623.0 600. 0 492. 4 4,000. 0 426. 3 400. 0 338. 7 262. 9 240. 5 2,000. 0 182. 1 173.5 163.8 200. 0 112. 8 95. 9 41. 5 24. 7 59. 4 40.1 59. 7 43.3 - - Q 1 Q2 Q 3 Q 4 Q 1 Q 2 Q 3 Q4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q3 Q 4 Q1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 2004 2005 2006 2007 2008 2009 Figure 5. Web 2.0 Financing, by Quarter, Cumulative Source. Company reports
  6. 6. Page 6 Smaller deal sizes: Deal size averages fell below long-term historical levels in 2009, with Series A-D rounds all below long-term average levels (Figure 6). However, angel rounds were significantly larger than historical levels, averaging $3.0 million in 2009, above the $2.6 million long-term average. Average financing round size 30.0 28.4 28.5 28.5 25.0 24.2 22.4 20.0 (US$m) 14.9 15.0 12.9 10.2 10.0 7.6 6.5 6.3 6.2 5.0 4.4 3.0 2.9 2.6 0.0 Angel/Seed Debt financing PIPE Series A Series B Series C Series D Series E LTM Average Size Overall Average Figure 6. Average Financing Round Size, LTM and Overall Average Source. Company reports Early rounds dominate: As Figures 7 and 8 show, early rounds (Angel/Series A) dominate our financing landscape, in terms of number of deals with almost 50% of deals. Series C rounds raised the most overall (25.8% of dollars raised), just ahead of Series B (25.2%). F inanc ing by Type - 2009 F inanc ing by Type - 2009 (# deals ) S eries C (amount rais ed) 15.6% S eries E 5.0% S eries D 18. 6% S eries D Angel/S eed 6. 0% 7. 2% Debt financing S eries E 0. 9% 1. 4% P IP E 1. 4% S eries B 26. 2% S eries A 15. 8% Angel/S eed 18. 6% S eries C 25. 6% Debt fina ncing 2. 5% S eries A P IP E 28.1% 1.6% S eries B 25. 5% Figures 7 & 8. Capital Market Activity, by Type, Last Twelve Months Source. Company reports
  7. 7. Page 7 Q4 largest for financing: Figures 9 and 10 show the financing activity by month and quarter for 2009, broken out by early- stage (Angel/Series A), mid-stage (Series B&C), and late-stage (Series D, E, and PIPEs). Q4 was the largest quarter in terms of amount raised, but the second lowest quarter for number of deals. Financing by Type - 2009 (Amount raised) 900.0 828.0 800.0 131.0 700.0 653.2 657.3 660.0 600.0 94.2 222.3 227.3 500.0 Late Stage (D/E) (US$m) 449.4 Mid-Stage (B/C) 532.3 Early Stage (Angel/A) 76.5 Total 400.0 390.3 321.7 241.4 300.0 281.8 301.1 19.0 222.4 230.8 205.0 206.9 203.4 193.7 189.6 312.4 200.0 177.7 31.0 63.2 175.1 5.3 52.5 187.1 48.2 27.0 146.0 133.1 2.0 12.0 105.2 99.8 123.8 96.0 100.0 100.0 103.3 68.6 193.6 121.2 168.7 67.6 164.7 80.2 131.7 75.7 65.4 79.1 76.1 60.5 45.6 47.4 49.1 38.1 49.3 54.9 - 17.5 Jan-09 Feb-09 Mar-09 Q1/09 Apr-09 May-09 Jun-09 Q2/09 Jul-09 Aug-09 Sep-09 Q3/09 Oct-09 Nov-09 Dec-09 Q4/09 Figure 9. Capital Market Activity, by Type, Last Twelve Months, Amount Source. Company reports Financing by Type - 2009 (Number of Deals) 100 91 90 86 9 5 81 80 6 70 67 7 35 60 42 37 Late Stage (D/E) Mid-Stage (B/C) (#) 50 Early Stage (Angel/A) Total 40 40 39 1 37 3 34 30 3 28 17 29 30 2 13 1 2 24 24 21 22 2 46 4 12 16 20 18 2 15 40 18 3 38 2 8 2 19 10 11 14 9 21 22 21 9 10 14 16 15 13 10 7 7 7 6 7 - Jan-09 Feb-09 Mar-09 Q1/09 Apr-09 May-09 Jun-09 Q2/09 Jul-09 Aug-09 Sep-09 Q3/09 Oct-09 Nov-09 Dec-09 Q4/09 Figure 10. Capital Market Activity, by Type, Last Twelve Months, # of Deals Source. Company reports
  8. 8. Page 8 U.S. dominates financing landscape: Figures 11 and 12 show the financing/M&A activity by country (based on company HQ). The U.S. had the most deals – over 75% of the total (by number of deals). Financing/M&A by Country - 2009 ($) Financing/M&A by Country - LTM (#) UK 7.8% Canada China 4.6% 4.4% Israel 4.1% Canada UK 2.0% 4.1% Luxembourg 31.2% France China 1.3% 3.6% ROW 2.4% Israel 2.9% USA ROW 76.2% 8.5% USA 46.7% Figures 11 & 12. Capital Market Activity, by Geography, Last Twelve Months Source. Company reports TOP 10 LISTS Top 10 funded companies: Facebook tops the financing list for 2009, having raised $200 million (Figure 13). Zynga, with its $180 million round late in the year, came in second ($195 million total), followed by Twitter which raised $135.7 million. No other company raised more than $100 million in 2009. Top 10 Funded Companies - 2009 250.0 200.0 150.0 Series E (US$ mm) Series D Series C Series B Series A 100.0 50.0 0.0 Facebook Zynga Twitter RockYou Turbine Playdom Youku Zoosk Pandora ChaCha Media Figure 13. Top 10 Financed companies, 2009 Source. Company reports
  9. 9. Page 9 Top 10 acquirers: As lead investor in the Skype acquisition, Silver Lake leads our Top 10 acquirers list for 2009 (Figure 14). Second was Electronic Arts with the $400 million (including earn-outs) acquisition of Playfish. One of the last deals announced in 2009 drove O2 to the #3 spot with its $207 million acquisition of JaJah. Top 10 Acquirers (2009) B y Amount Inves ted 2500 2000 1500 (US $ mm) 1000 500 0 Intuit K ongZhong Ma tch. com O2 Adknowledge S ha nda Intera ctive S ilver L ake Hi-Media S . A. E lectronic Arts IT V E ntertainment L td. Network Figure 14. Top 10 Acquirers, 2009, Amount invested Source. Company reports Top 10 lead investors (# deals): Accel Partners was the most active lead investor in 2009, leading nine transactions (Figure 15). Benchmark Capital was second with seven lead investments, followed by Charles River Ventures with six. Four firms were lead on five transactions. Mos t Deals (2009) B y L ead Inves tor 10 9 8 7 6 5 4 3 2 1 0 Accel B enchmark C harles R iver New Dra per F is her C ana an Augus t S equoia F irs t R ound B es s emer P artners C apital V entures E nterpris e J urvets on P a rtners C a pital C a pital C apital V enture As s ociates P artners Figure 15. Top 10 Lead Investors, # of Deals Source. Company reports
  10. 10. Page 10 Top 10 lead investors (amount invested): W hen analyzing amount invested, Digital Sky Technologies was the largest lead investor in 2009, participating in $380 million of transactions (Figure 16). Insight Venture Partners was second ($100 million), followed closely by Benchmark Capital with $99.4 million. Top 10 Inves tors (2009) B y Amount Inves ted 400 350 300 250 (US $ mm) 200 380. 0 150 100 50 100.0 99. 4 91. 9 70.5 52. 5 50.0 50.0 49. 0 41.0 0 G ranite G lobal B enchmark C a pita l Morgentha ler New E nterpris e Ins ight V enture S oftba nk G reylock P artners T echnologies Accel P artners C a naa n P artners Digita l S ky V entures As s ociates V entures P a rtners Figure 16. Top 10 Lead Investors, Amount Invested Source. Company reports Top 10 acquisitions: The largest acquisition in 2009 was the $2.025 billion acquisition of Skype (Figure 17). In second place was the $400 million Playfish acquisition, followed by the $207 million JaJah acquisition. Top 10 Acquisitions - 2009 2500 2000 1500 (US$ mm) 1000 2025 500 400 207 170 80 80 50 44 42 41 0 Skype PlayFish Jajah Mint Shanghai People Media Super Rewards Ku6 Friends AdLink Internet Dacheng Reunited Media Network Figure 17. Top 10 Acquisitions, 2009 Source. Company reports
  11. 11. Page 11 C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E ) Web 2.0 index outpaces NASDAQ in 2009: Our W eb 2.0 index (market-cap weighted) essentially mirrored the performance of the NASDAQ composite index for the first three months of 2009. Since then, the index has diverged in a much stronger recovery relative to the NASDAQ index (Figure 18). Web 2.0 Index Price Performance 250 200 150 100 50 0 1/5/09 1/19/09 2/2/09 2/16/09 3/2/09 3/16/09 3/30/09 4/13/09 4/27/09 5/11/09 5/25/09 6/8/09 6/22/09 7/6/09 7/20/09 8/3/09 8/17/09 8/31/09 9/14/09 9/28/09 10/12/09 10/26/09 11/9/09 11/23/09 12/7/09 12/21/09 Index: Web 2.0 (Market Cap) ^COMP - Share Pricing Figure 18. Web 2.0 Price Performance Source. Capital IQ
  12. 12. Page 12 Strong 2009 performance: Fifty-three companies in our universe had positive stock price performances in 2009 (Figure 19), while 27 companies showed negative or flat returns. The performance for the group was led by Fluid Music Canada, Inc. with a 400% return in 2009, followed by Chinese Gamer International with a 353% return. Twenty-five of the companies saw their stock prices at least double in 2009. The worst performance was by Beyond Commerce, Inc. dropping 98.4% in 2009. BroadW ebAsia Inc. also fell more than 90% (-90.9%). 2009 P rice P erformance Fluid M usic Canada, Inc. 400.0% Chinese Gamer Internatio nal 353.5% NEOWIZ Games Co rpo ratio n 277.2% Openwave Systems Inc. 235.1% M ultiplied M edia Co rpo ratio n 227.3% Tencent Ho ldings Ltd. 221.6% VOIS, Inc. 200.0% M OKO.mo bi Limited 200.0% Fro gster Interactive P ictures A G 1 % 98.1 Cyberplex Inc. 192.3% iseemedia Inc. 184.6% DigitalP o st Interactive, Inc. 1 .3% 81 Gravity Co ., Ltd 180.0% OA O RB C Info rmatio n Systems 179.5% SK Co mmunicatio ns Co ., Ltd. 172.7% GungHo Online Entertainment, Inc. 155.8% Webzen Inc. 1 % 53.1 Gamania Digital Entertainment Co ., Ltd. 150.3% Tree.Co m, Inc. 1 % 45.1 Shutterfly, Inc. 143.7% A Q Interactive, Inc. 1 32.3% Kingso ft Co . Ltd. 1 % 30.1 P erfect Wo rld Co ., Ltd. 1 .6% 21 Gree, Inc. 1 2.6% 1 M o dern Times Gro up M tg A B 103.4% A ccelerize New M edia, Inc. 85.7% Netease.co m Inc. 82.6% CDC Co rp. 80.6% Changyo u.co m Limited 65.9% A cto z So ft Co ., Ltd. 61.6% Shanda Interactive Entertainment Ltd. 57.7% DXN Ho ldings B hd 57.1 % Uniserve Co mmunicatio ns Co rp. 50.0% Extensio ns, Inc. 50.0% NeuLio n Inco rpo rated 42.6% ValueClick Inc. 42.4% NetDrago n WebSo ft, Inc. 40.3% M ixi, Inc. 33.8% B igstring Co rp. 29.7% Open Text Co rp. 28.8% IA C/InterA ctiveCo rp. 28.6% United Online Inc. 24.4% Spark Netwo rks, Inc. 17.6% So hu.co m Inc. 16.9% YD Online Co rp. 1 % 6.1 XING A G 13.2% Giant Interactive Gro up, Inc. 1 .2% 1 HanbitSo ft, Inc. 10.4% P NI Digital M edia Inc. 9.2% Quepasa Co rp. 5.3% Eo lith Co . Ltd. 4.4% B right Things plc 4.0% SpectrumDNA , Inc. 3.3% Geo Sentric Oyj 0.0% Lingo M edia Co rpo ratio n -5.0% DA DA SpA -14.4% Jumbuck Entertainment Limited -20.5% M yriad Gro up A G -24.2% Ynk Ko rea Inc. -25.3% A sknet A G -26.1% M agnitude Info rmatio n Systems Inc. -28.0% TheStreet.co m, Inc. -30.7% So cialwise, Inc. -38.6% GameOn Co Ltd. -40.0% Lo o kSmart, Ltd. -40.5% NeXplo re Co rpo ratio n -44.0% SNA P Interactive, Inc. -45.7% B etawave Co rpo ratio n -47.9% The9 Limited -49.2% GigaM edia Ltd. -50.5% Ngi Gro up Inc. -52.2% Wo rlds.co m Inc. -55.0% DigitalTo wn, Inc. -55.6% UOM O M edia, Inc -58.0% No rthgate Techno lo gies Limited -59.4% Wizzard So ftware Co rpo ratio n -64.2% Do lphin Digital M edia, Inc. -74.4% Co rnerWo rld Co rpo ratio n -88.0% B ro adWebA sia Inc. -90.9% B eyo nd Co mmerce, Inc. -98.4% -200.0% -100.0% 0.0% 100.0% 200.0% 300.0% 400.0% 500.0% Figure 19. 2009 Price Performance Source. Capital IQ
  13. 13. (US $m) - Source. Capital IQ 10, 000 20, 000 30, 000 40, 000 50, 000 60, 000 70, 000 80, 000 90, 000 VALUATION J an-05 F eb-05 Mar-05 Apr-05 May-05 J un-05 J ul-05 Figure 20. Total Market Capitalization, Monthly Aug-05 S ep-05 Oct-05 Nov-05 Dec-05 J an-06 F eb-06 Mar-06 Apr-06 May-06 J un-06 J ul-06 Aug-06 S ep-06 Oct-06 Nov-06 Dec-06 J an-07 F eb-07 Mar-07 Apr-07 May-07 J un-07 J ul-07 Aug-07 S ep-07 Market C apitalization Oct-07 Nov-07 Dec-07 J an-08 F eb-08 Mar-08 Apr-08 May-08 J un-08 J ul-08 Aug-08 S ep-08 Oct-08 Nov-08 Dec-08 J an-09 F eb-09 80 public companies we track hit an all-time high at the end of 2009, reaching $77.4 billion (Figure 20). Mar-09 Apr-09 May-09 J un-09 J ul-09 Aug-09 S ep-09 Oct-09 Nov-09 Dec-09 Page 13 2009 ends at record high: After bottoming in November 2008 at $28.8 billion, the combined market capitalization of the

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