[drawnwren]

I think one of the core features of a bubble is that the median market participant loses money. I think that definitely occurred in 1999. I don't think it has occurred in 2024.

I'm not convinced it will happen either. Venture Capital operates on a business model that is really hard for human intuition to deal with. 1/1000 success rates require so few break out successes that, yes -- they can fund an entire sector that will, with extremely high probability, fail and still be profitable.