Fair enough, but it's worth remembering that many of the stocks from the late 90s bull run took a long time to get back to their 2000 numbers. My recollection is that Cisco, Juniper etc. are still below their highs. Yahoo, Netscape, AOL, all gone. Many new Telcos and ISPs gone.investorpeter wrote: ↑Sun Jan 28, 2018 12:59 pmAs to feeling like the late 90’s, the bitcoin saga has felt almost exactly like the late 90’s + 2001 compressed into a short time frame. The Kodakcoin episode was taken directly from the same .com era playbook. I would say, right now with the FANG stock valuations, it feels more like mid 90’s or mid 00’s, so there is room to run. Keep in mind though that the FANGs are still all essentially tech stocks, so we on a larger scale we are have been in an overall tech bullrun since the 90s.
AMZN is the only one to really remain a standout from the previous book, and even it took 8 years to reach its highs.
Particularly instructive is MSFT. It took nearly 14 years to reach it's highs, and it was under a totally different management (twice removed). It's notable that MSFT was considered totally dominant in the tech industry circa 2000, and it was projected it would take over the world if the DoJ would let it. Even AAPL had to get some handouts from MSFT to survive.
I guess my point is that I'm very skeptical of AMZN's stock price. It does not seem be anywhere near as dominant in all the fields it plays in as MSFT was in 2000, but ultimately MSFT couldn't keep it's dominant position.