It doesn't matter if you call it a boom or a bubble. The startup business moves in cycles, and what goes up will eventually come down.
Sentiment: NEGATIVE
The IT bubble is the IT bubble, and of course, we became a company that contracted dramatically in 2001 and 2002: we basically came down by 45,000 people - a dramatic ramp-down.
The 'boom-bust' cycle is generated by monetary intervention in the market, specifically bank credit expansion to business.
All markets have boom and bust cycles, and I think venture capital market has even more exaggerated boom and bust cycles.
We've suffered a 'Ponzification' of the economy in recent years, as bubbles have built up and then burst, and each time we act as though it's the first time.
Concentrating wealth in the hands of the few and deregulating financial institutions and practices lead to speculative bubbles that eventually burst - and that brings the whole country down.
Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.
Having spent 10 years studying emerging markets, I know that you have patterns repeated over and over again. A bubble is like a fire which needs oxygen to continue... when you see there is no oxygen, things change.
What most entrepreneurs don't understand is that it isn't the economy that bursts a bubble, but investor psychology.
The bubble, as investing phenomenon, has been well studied ever since the 17th-century tulip bulb frenzy. Its counterpart in bear markets is not well understood.
We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different.
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