Words to Remember
Skepticism Has A Price Tag 🧠
“By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.”
Why we ran it
Nvidia grew revenue 106% in a quarter and still traded cheaper than Coca-Cola, because Wall Street expects the AI boom to fade. Krugman's 1998 call on the internet was the reminder that the smartest skeptics can be wrong about the biggest things, and that being wrong that way costs a portfolio.
From the August 28, 2026 issue: Don’t Let Doomerism Doom Your Portfolio →