Guy in 1989: "Wow, those Nifty Fifty investors were so stupid."
Same guy in 1999: "Yes, a 250 P/E makes sense for Cisco."

Guy in 2011: "Wow, those tech bubble investors were so stupid."
Same guy in 2021: "Yes, 25x sales and a 450 P/E makes sense for a car company."

More from Market cycle

You May Also Like

These 10 threads will teach you more than reading 100 books

Five billionaires share their top lessons on startups, life and entrepreneurship (1/10)


10 competitive advantages that will trump talent (2/10)


Some harsh truths you probably don’t want to hear (3/10)


10 significant lies you’re told about the world (4/10)