Every generation learns lessons the hard way, through experience.
History may not precisely repeat itself, but it provides plenty of insight and precedent. Without question, the rise of information technology and the Internet represent a development of profound importance. In every time of great change, many great new companies emerge, but they don't eliminate all of the old ones. Ignoring history, we relentlessly disregarded the obvious symptoms of classic euphoria. Every bit of good news, no matter how contrived, made valuations rise.