Does anyone else find this eerily familiar?
Amazon, with their rented servers and a warehouse full of mouldering second hand books get a market valuation bigger than Disney.
AOL (remeber them?) get a market valuation that allows them to buy into Time Warner.
15 year olds getting feted by VCs and offered millions because they have a .com.
And through it all, people who point out the lunacy of all this get told by 'older and wiser heads' "Ah, but you can't see the big picture. We're all gonna be rich!"
Right up to the moment when the bubble bursts and the naysayers get rewarded for their insight by losing their jobs.
Been there, done that. And of course, when the much anticipated profit (which would rightly have gone to the VCs cos of the risk they took) doesn't turn up, those same older and wiser heads smile sadly and say "Well, awfully sorry, but your superannuation seems to have evaporated. Never mind, at least I didn't have to sell any of my helicopters because I had YOUR money to cover it"
Ri se and Repeat. Forever.