Cash rich institutions provide adult supervision. Technology shares have lost their spice but gamblers are addicted to gambling. Contrarians become dissatisfied with their strategy as soon as it becomes accepted. Freeman had thrown overboard every technology share that wasn't bolted down well before the crash. But now there's blood on the streets, he craves to jump back in.
Prudence is dull.
Robertson Stephens howl out the value supposedly available. The heart says jump in for quick trading profits - but the head says there is more suffering to come. A whole generation of first-time day traders is experiencing a painful education. The dead cat has bounced several times, though usually on thin volumes. Even chastened valuations of most quoted companies are still unjustified.