Technology Bubbles

Technology bubbles are especially seductive because the underlying innovation is genuinely transformative. The dot-com bubble burst, but the internet really did change everything. The question was never whether the technology mattered — it was whether the valuations made sense.

In every tech bubble, believers argue this time is different. They are partly right. The mistake is confusing a good technology with a good investment at any price. History consistently rewards patience and punishes speculation.