10 years ago
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Are Tech Stocks About to Crash?
On March 19, 2000, the New York Times published a Q&A with Matthew Johnson, the chief Nsadaq trader for Lehman Brothers. It had been a mixed week in the markets – the Nasdaq had fallen off its all-time highs, but the S&P 500 had gained a few percentage points – and Johnson was called in to answer the question on every Times reader's mind: Was the tech bubble about to burst?
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Any universe which has Facebook paying 19 billion dollars for a chat app tells me that tech stocks are grossly overvalued. Cartoonishly overvalued.