The Tech Industry Was Freely Spending Stock Dollars Like Crazy Money

The tech industry for the last decade or so has been built on nothing but growth, spending stock dollars that they don't have physically. Instead of working for efficiencies, they just solved the problem by adding more people. Morgan Stanley today downgrades it for the first time ever to equal weight, target of 105. "I trusted this management team and that was ill-advised and I own that," Jim Boulden says.