It was obvious to anyone who was there that the mood changed considerably about half way through the event.
After what had been fairly upbeat day and a half, with an extremely good cross-section of startups and established companies showing off their new tools, discussions shifted markedly as the stock market reacted to something.
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The "something" is still up for debate - but the reality is that a trio of online travel brands saw significant amounts come off their share prices in a single day.
TripAdvisor was the worst hit (seeing almost a quarter of its value wiped away), with the Priceline Group also experiencing a significant decline and Expedia Inc seeing a similar fall a few weeks before.
All three have recovered somewhat, but a dent remains.
Talk in the corridors turned to a combination of "market corrections", "jittery investors", "problems with the model" and "meh".
With excellent timing, The Phocuswright Conference had its traditional Street Talk panel lined up for the final day, with some of the smartest minds in the world of investment and other finance matters gathered to unravel what had happened in the previous
Joining moderator Jake Fuller (Guggenheim Securities) were Mark Mahaney (RBC Capital Markets), Rachael Rothman (Susquehanna Financial Group), Eric Sheridan (UBS) and Lloyd Walmsley (Deutsche Bank Securities).
Cool heads prevail in such circumstances - so this is probably the best analysis of "what the heck is going on?" you'll find.
Executive Roundtable: Street Talk