Is There a Cause for the Markets to Collapse?

In the fall of 99, with everything that was going on in the tech world, i started work on a memo called bubble dot. And it was about the excesses that i saw taking place in the tex sector. So that Memmo had two main virtues. Number one, it was correct. Number two, it wascorrect fast. One of the oldest sayings in our business is that being too far ahead of your time is indistinguishable from being wrong. But by definition, if you're warning about something that you think is going to happen, you're in a minority. That's how markets work. Your forecasts have to be idiosyncratic to be of great value.