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Summers did not call technology a bubble as some media reported. He did remark that some are concerned there may be a technology bubble. His remark late last week could have something to do with today's sell off in world markets. My question: If NASDAQ 2800 represents a technology bubble today, what in #%&%$# would you call NASDAQ 5000 back in in 2000?
I wouldn't call tech now a bubble, but I would call what occurred with Linked In last week very reminiscent of .com era. It reminds me of Cramer's discussion of the IPO day for Street.com in "Confessions of a Street Addict" (and Cramer compared it to that on his show.)
I would, however, call Larry Summers an idiot (How's that earthquake boosting Japan's economy, Larry?)
I agree. Technology as a sector is definitely NOT at a bubble. But some of the feeding frenzy IPO action is nuts. Some of these stocks will do ok, while others will fizzle out. It's always been that way and probably always will. We are using PRGTX (Price Global Tech) as a tactical bet. Also like some PXG (PowerShares Networking).
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I would, however, call Larry Summers an idiot (How's that earthquake boosting Japan's economy, Larry?)