Tech Stocks Still Haven't Learned Your Name

The dotcom bubble popped in 2000. Portfolio managers watched their clients lose seventy percent. Then eighty. Then they stopped returning calls.

Now some financial journalist wants you to learn from those mistakes. As if studying history prevents you from buying NVIDIA at a 200 P/E ratio because this time feels different. It always feels different. That's the whole f*cking point.

The mistake wasn't concentration in technology. The mistake was thinking you were smarter than the guy buying Pets.com because you bought Cisco instead. Both of you rode the same elevator down. One of you just had a better story to tell at Thanksgiving.

Diversification is what your broker recommends after you lose everything. Before that, it's what cowards do. Every retail trader knows this. They've watched three YouTube videos about Warren Buffett's concentrated positions. They skipped the part about him analyzing insurance float for six decades. Details.

The article suggests investors became overly concentrated. What a word. Overly. As if there's a correct amount of concentration right before the wrong amount. As if you can feel the difference while you're buying your fourth semiconductor stock because the chart looked pretty.

Here's what actually happens. The market runs up. You buy more because it's working. It keeps working. You buy more because you're not some idiot who diversifies into bonds at your age. Then it stops working. Then you write articles about lessons learned.

The lesson is simple. You will repeat every mistake from the dotcom crash because reading about it feels like learning but learning feels like missing out.

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