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“The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun.”Attributed to Solomon, echoed by everyone from Shakespeare to Darwin.My take is that even 2000+ years ago, people thought they had heard it all, and experience would eventually yield the truth that things really hadn't changed all that much.Sure we got steam power, and electricity, the train, the car, the plane, air conditioning (thank you!), refrigeration, nuclear power, space travel, the internet, the smartphone, VR, gene editing, etc etc...But I was told the pandemic aka "covid" changed everything forever.We wouldn't ever shop in person.We wouldn't even work again in an office.We wouldn't even step into a gym to workout.Concerts and sporting events would be just fine remote.School need not be in person.On and on and on...a proclamation by smug 2020 investors that the world had changed and moved on.Well.Someone tell that to ROKU, PINS, ETSY, TDOC...Who is next? I can't say definitively when, but I think a whole lot of other stocks are next.What I find especially amusing are when investors are perplexed when stock doesn't go up after what seems like great ER results. Like watching TTD go up 3-4x in 2020, when their stock growth was under 30% for the year, and then complaining when TTD won't smash new highs with every subsequent ER. FOMO has been tough to ignore...a very strong pull. I admit to watching nutty retail make 80% on HOOD in 2 days and thinking I am a moron.But I also don't gamble on sports. I took a few bets in college and lost them all, and had a friend who explained that I sucked at gambling. For whatever reason, thankfully that stuck with me. So I don't generally gamble on sports, or cards/Vegas, or even buy Powerball tickets. I am ok with waiting for opps that I am comfortable with pulling the trigger on.Tons of great companies out there.Adtech, Enterprise software, biotech, EV, security, fintech, etc...They just don't seem like good buys over next 6-9-12 months at current prices.Gonna just sit on my hands for now.Doom
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