In this video, I talk with author and economic analyst John Sneisen about recent warnings regarding a massive tech bubble burst.
Despite Goldman Sachs who are infamously wrong most of the time saying that there is no tech bubble, it doesn't take much more than common sense to recognize the clear and present dangers arising in the tech sector.
Bank of America's Michael Hartnett exclaimed back in March that Netflix, Google, Facebook, Ebay, Twitter and Amazon were in a bubble considering their growth of 617% since the financial crisis. Hartnett continued just recently that there will be a quick, deep tech selloff.
Well now, Morgan Stanley's Chief US Equity Strategist Michael Wilson warns that the tech sector will see a moment of truth "at any moment, without warning."
While people can't afford simple things anymore and we see major retail giants fall at the same time as Amazon takes over and people leave Facebook and other social media in droves due to a large array of problems, this is a storm waiting to be let loose.
The outlook is bearish because these are highly centralized markets with incredibly risky levels of faith. Look at the speculation! We've seen this before. We may have learned a little bit since the 2001 dotcom bubble, but many in the markets today were just children at the time and they're blindly investing in investor confidence rather than fundamental value. These tech giants are starting to break loose despite an incredible year of profits.
Is Twitter truly that valuable? Will Facebook keep the customers it's shunning? Will YouTube allow creators to be free on the platform?
This coupled with the fiat central banking system bordering on the edge of disaster all while the stock market itself is highly bubbled does not look good over the long term and people are going to have to find their way out.
In the end, it comes down to you the individual being self sustainable and financially responsible. It couldn't be more important. Due diligence, education and individual action is the key.
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Sure the FANG companies make money via advertising but how much money do they make verifying your identity to other servers. Like Equifax does.
The race is on for which bubble will burst first .
You raise some pertinent points here;
When the dotcom crashed, it was because these tech companies had made this promise of explosive growth... unfortunately, the monetization of the internet was still infant.
Amazon is such an aggressive company that they are even putting places like Walmart that is bad enough out of business, and then they step it up more, through techs like their behaviour monitoring systems that predict with surprising accuracy; what and when someone will buy.
Twitter doesn't have a lot of real "value" besides the value of the servers and the information that can be derived from users
Facebook gets most its value from spying on its users and selling the data to anyone willing to pay. This is not a sustainable business model, especially when people learn the truth about it.
Especially with how corrupt and monopolistic some of these major platforms have become, I almost welcome a new tech bubble burst, free up some space for some newcomers that won't be out to screw people over in the same way.