The year was 1999. I was working for a small newsletter company with its Asian research offices based in Manila, Philippines.
The dotcom boom was in full swing. And, just like today, companies with no profits, burning through hundreds of millions of dollars of investors’ capital in a race to build scale and grab market share or attract “eyeballs,” were the market darlings of the day.
I didn’t get it.
Moreover, having just seen how ugly things can get when a market mania goes bust – after witnessing the Korean economic collapse in 1997-1998 first-hand, while working in Seoul, I was extremely cautious.
I wasn’t about to go chasing after the next hot concept stock, in the hope of selling for a profit to a “greater fool.” But that was about the only trading strategy still working at that time… a bit like now.