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< BACK TO ALL REPORTS

The rhyme of regime change

Jason Goepfert
2021-01-27

We shy away from subjective and anecdotal evidence here, but this recent interview, amid a flurry of similar ones in recent days, just rings too many bells. It's not to pick on Tom Lee, he's been steadfastly bullish and correct. It's the narrative of "regime change" in mainstream financial media that's the issue.

Searching through old articles, this one from Fortune on February 21, 2000, reads like it could have been printed yesterday with only the names changed.

The quotes below are pulled directly from the Fortune article. The similarities to recent reports are eery. 

  • "All tech companies, and almost all linked to the growth of the Internet, these stocks have proven irresistible for mutual fund managers and day traders alike, and they've amassed huge valuations in recent months. JDS Uniphase is now worth over $60 billion, almost $10 billion more than the No. 1 company in the FORTUNE 500, General Motors."
  • "Instead we found a rowdy, raucous bazaar driven mainly by gut instinct. It's not what anyone over 30 is used to, but there's no use tut-tutting. It's here to stay."
  • "The cumulative impact is mind-boggling. On Feb. 2, the firm's traders accounted for just under 3% of Nasdaq's overall volume--40 million shares. The impact is even greater among the hot tech companies that are the day traders' favorite stocks. "This is a real-time revolution," Amanat declares brightly as he walks me through a vast room in midtown Manhattan where row after row of guys (Tradescape's female clients tend to trade from home) are glued to their computer screens as if they were videogames."
  • "One of the hottest private money managers around, Bowman runs $4.6 billion from his office in Silicon Valley, much of it from suddenly wealthy executives at high-tech companies just a few miles away."

That last one is worth keeping in mind when looking at the rush to invest with Ark.

A little over a year after that Fortune article, Barron's published "Bowman's Breakup," and Fortune followed up a few years later with "Tech's erstwhile hedge fund king closes up shop."

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