Yesterday saw the 10th anniversary of Nasdaq’s exuberant peak. Press abounded. Today, a decade ago, saw the start of it’s demise. Nasdaq is still less than half of its value at the peak. Yet its irrational exuberance created todays Web and tech titans. Amazon, Ebay, Yahoo, AOL, Salesforce.com, PayPal, Google and on. It triggered the broadband [...]

I remember my father teaching me about the economic cycle. It’s really simple, he told me. It goes like this. Every 5 years each economy experiences a cycle of boom to bust. That’s 5 years from peak to trough. It’s just gravity. As hard as economists and politicians try to find ways to smooth the [...]