Upside: A year after the Linux IPOs

"Like a major league scout recalling a star prospect's first professional outing, ABN AMRO open source software analyst Keith Bachman still harbors bittersweet memories of last year's Red Hat (RHAT) initial public offering."

"When the Durham, N.C.-based company hit a home run on its first time at bat, jumping 371 percent in its first day of trading on Aug. 11, 1999, Bachman -- then an analyst with W.R. Hambrecht & Co. -- was instrumental in the company's open source investment efforts. By Christmas, W.R. Hambrecht would have a leading stake in the impressive Andover.Net IPO and minority stakes in two of the year's biggest blockbuster openings: VA Linux (LNUX) and Cobalt Networks (COBT)."

"Still, as investors raced to jump on the Linux bandwagon, Bachman, a financial observer with a better grasp of Linux business fundamentals than most, admits to feeling a bit of concern over the high expectations associated with Red Hat's home run in August."

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