It happened. It’s over.
The bubble was popped by Facebook’s IPO belly flop. Some saw it coming, but before May 18, plenty of smart people saw only blue skies. Chris Sacca predicted we’d see a $56 price on opening day. But within 2 weeks, the price had dropped 29% to a low of $26.83. According to Bloomberg, it was the worst IPO of the decade.
Sad but possibly true. I knew Facebook’s success was the devil’s work.