126. (Ch. 8) How the Dotcom Bubble Happened

The Long Boom argues that the world is on the verge of an unprecedented global economic expansion, driven by technological advancements, alternative energy adoption, and increased productivity. The authors emphasize the importance of collective action to realize this vision and create a vibrant, diverse, and sustainable global society. They analyze trends from the early 1980s and predict significant economic growth by 2020, highlighting the role of emerging technologies and globalization.

In 'Dow 36,000', James K. Glassman and Kevin A. Hassett present a provocative argument that stock prices are undervalued and could double, triple, or even quadruple in the near future. They contend that investors have been valuing stocks incorrectly, using outdated methods such as the price/earnings ratio. The authors propose a new model for valuing stocks based on their potential to generate cash for investors. They also provide practical advice on investing strategies, emphasizing the importance of a long-term, disciplined approach and diversification. The book predicts that the Dow Jones Industrial Average could reach 36,000, although they acknowledge this could take about five years to achieve.

Stocks for the Long Run provides a detailed analysis of the stock market's historical trends and long-term investment strategies. The book, updated to reflect current market conditions, includes discussions on value investing, ESG issues, the impact of the financial crisis, and the role of international investing. Siegel argues that stocks have consistently outperformed other asset classes over the long term, averaging returns of 6. 5 to 7 percent per year after inflation. The book also addresses market valuation, the effects of inflation and interest rates, and the importance of diversification in a global economy.

In 'The Age of Spiritual Machines,' Ray Kurzweil presents a prophetic blueprint for the future where the capabilities of computers and humans become increasingly intertwined. The book explores the exponential growth of technology, particularly in artificial intelligence, and predicts a future where computers will exceed human intelligence. Kurzweil discusses the blurring of lines between human and machine, the emergence of new forms of intelligence, and the potential for humans to migrate their consciousness into machines. The book is a thought-provoking analysis of human and artificial intelligence and their evolving relationship in the 21st century.

In this book, John Kenneth Galbraith traces the history of significant speculative episodes in the economy, from the tulip craze of the seventeenth century to the recent plague of junk bonds. He exposes how normally sane people display reckless behavior in pursuit of profit, attributing these behaviors to a 'notoriously short' financial memory that leads to market collapses. Galbraith emphasizes that recognizing these patterns can help guard against future recessions and improve financial stability. The book underscores the cyclical nature of financial euphoria, driven by mass psychology and leverage, and warns against the illusion that wealth is a measure of intelligence.