
The Internet, AI, And the Madness of Crowds
A Long Time In Finance
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The Contrasting Impacts of Innovation and Infrastructure in Historical Market Bubbles
This chapter explores the tendency to overrate short-term effects of innovation while undervaluing long-term consequences in the stock market, focusing on the dot-com era. It highlights the contrasts between e-commerce and infrastructure investments, using examples like Qualcomm and Amazon to demonstrate the lasting significance of foundational developments despite initial failures.
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