Never before in investment history have investors been so excited about loss-making technology firms. The dot-com boom pales in front of this liquidity frenzy. During that madness, the Nasdaq topped out at 5,133 in March 2000 to bottom out at 1,109 in October 2002. It would take 15 years for it to regain that peak but since then, it hasn’t looked back. Then, the trillion-dollar denomination was reserved for the GDP of G-7 countries. Now, you have Apple, Amazon, Microsoft and Alphabet roaming the planet with a trillion-dollar valuation.