Nor do I doubt that technology-related investments are smart in the long run. What I don't know is whether the current crop of companies, with a few exceptions, will be the long-range survivors in a revolution that is just beginning. Capitalism is all about risk and excess. People make money on new ideas, and others follow. Markets get saturated and business cycles turn down.
People lose money.
Just as a stopped clock is precisely accurate twice a day, markets hit equilibrium briefly on the way up and the way down, because investor sentiment is a blunt instrument. The overall trajectory trends up, but the market oscillates and always will. The losers in the debacle of 2000 are part of the capitalist system. So are the winners, who made their money from greater fools. In a world where shame still had meaning, the participants in that cynical gravy chain would contemplate the carnage they helped engineer.