[xiphias2]

The good news is that the retail direct investor revolution is changing this: people who are working in any technology field realized that they have a huge edge over general business analysts/hedge funds, and can often pick stocks better than just putting all money to IBM / Chevron / Goldman.

Combined with SPACS, ARK Invest, tech angel investors, sci-hub, Wikipedia, researchers with great ideas don't need to go to boring old conservative investors anymore.

Of course this may not help basic research, but the biotech infrastructure is getting much better.

[dcolkitt]

^This comment right here. This is what it was like to live through 1999.

[xiphias2]

I had to upvote you, even if you make fun of me, it's so funny :)

Maybe you're right. But the stocks are very far from overvalued as long as the bond bubble doesn't pop (which depends on the FED policy).

https://endlessmetrics.substack.com/p/s-and-p-500-m2-money-s...

Also I remember listening to Ark's interview with Moderna's CEO last April when nobody knew about that company.

[dcolkitt]

Haha. Fair enough. Thanks for being a good sport.

Your perspective could very well prove right, and mine wrong. Who's to say. Sometimes this time really is different. And us old guys will be the last to realize it.