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Culture War Roundup for the week of April 13, 2026

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the market itself is huge and important and if you hedged your bets correctly, you would be very wealthy.

This reminds me of a question I was kicking around with some friends. Suppose that around the time of the Internet Bubble, you had invested in a basket of all the hot tech stocks: Netscape, Amazon, etoys, PimentoLoaf.com, etc. How would you be doing 25 years later?

Depends on your timing. Do you buy in 1997-1999 or at the absolute peak in 2000?

How many companies do you pick out? Based on what metrics?

When it all crashes, do you cut your losses at a set point, or do you buy more? Assuming you got kicked out of them all, do you buy back into the most promising ones during the recovery?

But off the cuff I'd say that holding and never selling Amazon would make up for complete losses in several other stocks.

Depends on your timing. Do you buy in 1997-1999 or at the absolute peak in 2000?

How many companies do you pick out? Based on what metrics?

I agree those are good questions. For the sake of discussion, I would say

(1) you buy at the time when there is a lot of public discussion about a "bubble." So roughly 1998 or 1999.

(2) you buy a big basket of tech stocks. I'm tempted to just pick the Vanguard VITAX fund, but apparently that was not established until 2004.

When it all crashes, do you cut your losses at a set point, or do you buy more? Assuming you got kicked out of them all, do you buy back into the most promising ones during the recovery?

I would say you buy and hold.

But off the cuff I'd say that holding and never selling Amazon would make up for complete losses in several other stocks.

Well that's kind of the point. I believe that there is an AI stock market bubble but I have still invested roughly 10% of my savings in tech. Roughly speaking in the sort of stocks which make up Vanguard's VITAX fund. And I think I have a pretty good chance of coming out ahead.

Buying a big basket of more or less randomly chosen dotcom stocks would have destroyed you. If by big basket you mean 50-100 or more. The majority of those companies lost over 90% of their value and many never recovered at all. If Amazon was only 1% of your holding it might not have the weight to make up for the dozens of utter failures.

Buying a top, current tech fund is different, they're somewhat competently curated.

Buying a big basket of more or less randomly chosen dotcom stocks would have destroyed you. If by big basket you mean 50-100 or more. The majority of those companies lost over 90% of their value and many never recovered at all. If Amazon was only 1% of your holding it might not have the weight to make up for the dozens of utter failures.

Thanks for posting this, it's probably something I should have researched before buying a big basket of random tech stocks in 2024-2025.

Famously, Cisco only just barely got back to its Dotcom bubble era peak (and maybe it still hasn't yet if you account for inflation?).