“i’m not saying you or the models are wrong or that we aren’t at the limits or outside the model, just that the .com bubble was built on complete and utter bullsh1t.”
You are not wrong. MY only point about the warning signs is that they were evident then, in the rise of the dot.com bubble, and smart investment people (like those doing the investments for my pension) noticed and they (and I) were not following the crowd. The warning signs then were not wrong, and they may not be now. THAT is my point about the “why” does not matter. If market history can be any judge of contemporary market behavior, it is at least good to consider it - no matter what causes are driving the contemporary market.
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