I understand this has been a treacherous market. You can make the case that you had some overvaluation in some names but comparisons to the internet bubble are misplaced. Today’s internet companies and leaders in cloud computing are operating at massive scale with very strong trends (despite overall macro changes) and solving real problems. Internet stocks in 1999 had very little revenue or scale and a lack of infrastructure.

There is lack of profit by design in many names because they are spending aggressively to pull business from legacy competitors, who are trying to maximize profits since revenue is only growing ~ 3-5%. How long do investors really believe profits can continue to grow well above the revenue growth rates of many names. There is only so much you can cut costs without jeopardizing a companies long term success.