Lessons poorly learned

The bursting of the bubble shouldn’t have surprised investors – it’s hardly a first. “Every time we’re fooled into this complacency because we feel like this bubble is different,” said Tang. “We think we’re on a rocket ship, when we convince ourselves that things are going to keep going in that direction.” He likens the current bubble to the original dot-com crash in 2000, which saw many early internet companies raise huge sums from investors, before burning up. A particularly notorious casualty was pet supplies website Pets.com, which was backed by a much younger Amazon. Nine months after it hit the NASDAQ stock exchange, trading at $11 a share and raising over $82m, it declared bankruptcy, with shares worth only 19 cents. The lesson Tang took from it is one the Silicon Valley…

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PC Pro (Digital) - 1 Issue, March 2023

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