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I agree that this is possible, and definitely worth paying attention to.

But some hype cycles are "real", e.g., looking at the internet in early 2000, you might have thought it was about to crash or about to be huge. Either way, you'd be right. It was about to crash in the short term, but in the long term, it still made sense to "get into the internet" in 2000 because it was still a secular trend that ended up making a huge impact on the world.



How that cycle phases with the business cycle and inflation will matter a lot. A raising tide can lift sinking ships.




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