The Next Big Short——Jeff Bezos’ Brobdingnagian Bubble | David Stockman's Contra Corner
Indeed, Amazon’s $325 billion valuation is just plain irrational
exuberance having one last fling. Spasms like this year $180 billion
gain (125%) on the AMZN ticker or the $190 billion gain (55%) on
the GOOG account are absolutely reminiscent of the final days before the
tech wreck exactly 15 years ago.
In a recent post I demonstrated how the 12 Big Cap Techs of 2000—-led
by Microsoft, Intel, Dell and Cisco——-saw their combined valuation soar
from $900 billion to $3.8 trillion in the 48 months leading up to the
March 2000 peak; and that they then plunged to just $875 billion a
decade later.
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