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We are not in a bubble yet

Nirgunan Tiruchelvam
Nirgunan Tiruchelvam2/26/2021 07:00 AM GMT+08  • 4 min read
We are not in a bubble yet
Unlike the dotcom crash, cash burn is not a problem today as tech firms have used the exuberant stock markets like a cash machine.
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Financial journalists are rarely treated like rock stars. Readers eagerly await the views of Goola Warden and Assif Shameen in The Edge Singapore every Friday. But they do not generate the hysteria that the Beatles enjoyed when they landed in New York in 1964. Some fans had queued at the airport for days.

However, there is one financial journalist whose views commanded rock star-like attention. Jack Willoughby published a cover story for Barron’s on March 20, 2000, titled Burning Up. He feared that the dotcom bubble had no substance.

Willoughby wrote: “When will the Internet Bubble burst? For scores of ’Net upstarts, that unpleasant popping sound is likely to be heard before the end of this year. Starved for cash, many of these companies will try to raise fresh funds by issuing more stock or bonds. But a lot of them won’t succeed.”

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