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Originally Posted by albionmoonlight
I remember when I was in law school around 2000, there was a firm out of Boston (I forget the name) that focused 100% on tech. It was doing gangbusters--taking payment in stock options, etc. But it had no balance in its client base. And the obvious question for them was "what are you going to do when the tech bubble bursts?" And their response was "We aren't into tech. We are into whatever is hot. And when the next big thing arrives, we will be into that."
That firm no longer exists.
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Ah, the dot-com boom and bust. I was telling my son this past Thanksgiving to temper his expectations. He picked Tesla (and Boeing) when he started his IRA a couple years ago and has seen Tesla grow quite a bit.
Don't know about you guys but the 00's sucked for our savings. We had the dot-com crash (or the effects of it), the 9/11 crash, and the 2007-2008 Financial crisis. Told him this and that he needs to think long term and be prepared for the ups and downs.
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For every Warren Buffett, there are 10,000 people/funds/companies who got lucky and got onto a trend before it took off and made a bunch of money and who mistakenly thought that it was skill and not random chance that put them in that position.
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True. ARKK is definitely speculative. Others that fall in the speculative bucket include ASHR (China) and SPCE. Less than 5% of my portfolio but my fun bucket to keep things interesting.