Like the feeling you get when you watch a movie you haven’t seen in decades, it's easy to look back at the 1999 tech bubble through an indistinct haze. Bubbles -- like what we're seeing develop on the ASX -- are largely driven by FOMO, where rationality is cast aside on the basis that your brother-in-law is making a bunch of money on shares and bitcoin.

What seems to be playing out on the ASX is a renaissance of garbage tech companies getting obscenely high valuations. This is very different to the US, where the largest companies are now tech businesses, like Facebook, Apple, Amazon, Netflix, and Google. The key difference is the FAANGS largely (Amazon aside) churn out billions of dollars of profits. In Australia, the scenario is very different. The briefest of reviews of these business’ ASX filings, and a little common sense, would quickly reveal the extent of the impending calamity -- but as former Citigroup CEO, Chuck Prince once noted, “as long as the music is playing, you’ve got to get up and dance.”