Dot Com Bubble

“So, I, it's very different from the dot-com bubble, which we were short, you know, going into and had good numbers in those years. I just don't see, you don't have the valuation bubble now on those companies that you had on, on, on those companies back in thos…”

“The bigger question is whether there's going to be like a timing mismatch, that there's going to be some period of time. Same way, by the way, we had a dot com bubble and bust where the economics didn't match the investments at that time. Now, Amazon is still …”

“There were a lot of IPOs in that market environment, the dot-com bubble. They would go up a hundred percent, 200% or more on the day that they priced, and there were a small number of investment firms that would get allocations to these IPOs, and they would of…”

“It was almost entirely a telco bubble, and it was almost entirely a telco crash, and you know that for two reasons. One is the sheer amounts of money involved were so much greater on the telco side, and then the other is telco is where the debt came in. To get…”

“I think for the market to have reacted that positively, it just, I don't know, it feels like in, you know, the internet bubble, there was so much that happened around fiber build fiber capacity build out that seems to start to echo this, that it this I don't k…”

“I feel that we are in a period that is very similar to the .com, but it's now .ai. So it used to be pets.com, it's now pets.ai. Whatever, it's the same bullshit.”

“And basically what he says is that when that dot-com bubble burst, 80% of our companies just went to zero.”

“And I think the AI bubble will rhyme with the dot com bubble. And I believe with the benefit of hindsight, Most of the excess of the.com bubble might have been justified.”

“It's, you know, it's just never gonna be like it was in twenty-twenty-one. I mean, that was like the biggest bubble Since the dot-com bubble in 1999.”

“If we hadn't had a mania, we wouldn't have funded things like Google and Amazon, some of the great companies of today.”

“I started with 11 people in my analyst class. There were two of us left at the end of two years. It was a pretty crazy time. I worked on probably 20 deals, most of which were companies being sold for less than cash, right? They were like, they were such distre…”

“In the dot com bubble, It took somewhere between three to five years for most stocks to bottom. And they bottomed, I think, peak to trough somewhere, you know, towards 80% of where they were in 2000, right? So it took three to five years to go basically -80%. …”

“Every idea that you see today has some analog from the nineties.”

“Entire, I think at this point, catalog of all of the failed.com ideas of the late 19 nineties, and I believe they've now all worked.”

“People forget that there were two phases to the bubble coming undone. There was the.com, which has become famous because of the pets.com commercial, right? So that's what we all think.com.com. But there was a second one in fiber optic communications, which was…”

“What we do see, and what we do predict, unfortunately, is something akin to perhaps the dot-com bubble in 99 and 2000, where you saw a lot of bright, shiny objects, and big flash in the pan market seeming successes, and then you'll see a lot of these coming do…”

“I remember floating a company for which a Middle Eastern sovereign wealth fund put in an order for the whole of the free float with us and each of the two other banks on the deal, so they ordered three times the entire number of shares on the offer, and I reme…”

“55% of all the money in the bubble was going to companies that were less than two years old.”

“So that standard deviation had been going down, down, down, sixties, seventies, eighties, into the nineties. And then there was a massive reversal where the standard deviation went way back up around the dot com period. And so there's a spike, and then it come…”

“All these prices, all these unicorns, this must be just like the dot-com bubble was, when it's nothing like the dot-com bubble. You were probably quite young for those of us who lived through it, I was exactly, exactly. You have to read the history. We are the…”

“If you would have held and you had a decent portfolio, then you actually, even if you were the dumbest money at the top of the market, you would have done okay.”

“And I think today we are definitely in a different stage of that market. So I think there is probably less volatility today. So I would not assume that the same thing happens today again that happened 15 years ago or so, yeah?”

“I think there was so much hype and so much interest in technology and internet innovation that, and so many companies were being funded that the companies were desperate for talent. So they were willing to hire like people like me who might've had some skills,…”

“I had good friends that had you know, gone public, actually exercise their options to pay the tax on the lower tax basis saw their value go all the way up and then down to zero. And they'd already paid tax on a phantom gain and, you know, were bankrupt, lost t…”

“This is not like, 99 to 2001, where it went like that. I think it's much more of a long tail”

“A lot of people are looking at it through a negative lens, but there are lots of benefits to a potential bubble, and I think that in the long-term perspective, if we look from 2000 to now, I think that the 2000 bubble, or the, you know, dot-com bubble, has giv…”