MAN OF LA MANCHA
(Dream the Impossible Dream)

In early 2000, tech (along with media and telecom) stocks could do no wrong. They were one decision stocks that took the whole market up with them… until they didn’t as 2000 continued. Reality has a nasty habit of intervening. Now, once again tech is the...

A DISTANT MIRROR

Introductory Note: A Distant Mirror is the title of a book by historian Barbara Tuchman about the Middle Ages, talking about how human nature doesn’t change and we can draw useful lessons from the past – if we would only pay attention. I believe the book is...

The Trend is Your Friend Except at the End

FANG-type (Facebook, Amazon, Netflix, and Google) stocks recently had their worst day ever. Should we care? We shouldn’t care just because they had one bad day, but we should care. Why? Let’s compare it with the last tech drawdown in February 2018. After...

Pike’s Peak?

Somebody must be excited, with markets hitting or beating peak valuations set in 2000. For instance, Enterprise Value/Market Capitalization is near the peak set in March of 2000, and Warren Buffet’s favorite valuation measure, Market Capitalization/GDP, is above...