FYI: Certain prognosticators have been calling this cycle tech bubble for some time now. There have been more than a handful of 1999 comparisons. This analogy falls flat for a number of reasons. The dot-com bubble was otherworldly in terms of investor euphoria but this time around most of the insanity has been happening behind the scenes in the private markets.
The public markets have been far more skeptical this time around (and for good reason). This is a piece I wrote for Fortune about where the IPO market is different this time in terms of performance but also similar in terms of historical first-day returns.
Regards,
Ted
https://awealthofcommonsense.com/2019/10/why-the-ipo-market-is-different-this-time/
