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The Golden Era of Silicon Valley Is Over
When interest rates are very low, an investor is less likely to put their money into a more speculative stock. That's why the equation of tech companies that are going to spend a lot today to go build market share. But once you change that story and say, well, actually, profits will give equity value, it's the eventually part that changed. And that's what makes this period so hard. Now this happens, this is a business cycle. This business cycle happens all the time. The one thing that's different is the boom time, the low interest rate environment, went on for a pretty historically long time.