Why is everyone blaming the rate hikes for this implosion ? How about blaming overcapacity, poor management, lousy business plans ? How about blaming IPO mania ? Brokers and bankers that allowed IPO mania on companies that never should have been allowed to go public. How about blaming the face in the mirror ? Yes, we the idiots who created this bubble. We, who put bonehead analysts on pedestals to tell us that we need to value these dot.coms in a new way. That this is a new era and that we, the idiots, can't afford to be on the sidelines even if the company is trading at a P/E that be measured. We knew their names better than rock stars. We bowed to them and kissed their asses when they shouted "strong by this", and "undervalued that". We came to screaming orgasms when AMZN, PCLN, and QCOM went to the moon. When CNBC had the Nasdaq 5,000 special, we thought it could go to 10,000 by year-end.
It's always someone else's fault. Face it. We've been had by the best in the business. But I don't blame them (banks, TV, and analysts) for our loses, and stupidity. I blame us, the investors. I blame us, the speculators. I blame us, the dreamers. I blame us, the greedy fools we are.
Twick |
