Steve Jurvetson Quotes

Markets tend to always overshoot when they get really ebullient.

… a pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons..

When valuation confidence falls, it means that stock markets are perceived as overpriced.

In a bubble, eventually people start saying, 'Wait a minute... these prices are way too high! What is anyone buying anymore? What could they possibly be thinking?' And then there's a correction and a bursting.

We are in a big, fat, ugly bubble. And we better be awfully careful.

What is uncertain is how much further the bubble can expand, and what might pop it.

How do we know when irrational exuberance has unduly escalated asset values?

Bulls don't read. Bears read financial history. As markets fall to bits, the bears dust off the Dutch tulip mania of 1637, the Banque Royale of 1719-20, the railway speculation of the 1840s, the great crash of 1929.

It doesn't matter if you call it a boom or a bubble. The startup business moves in cycles, and what goes up will eventually come down.

Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.

Virtually every real breakthrough in technology had a bubble which burst, left a lot of people broke who'd invested in it, but also left the infrastructure for this next golden age, effectively.

Traders can cause short-term volatility. In the long run, the market must revert to a sensible price/earnings multiple.

The bubble, as investing phenomenon, has been well studied ever since the 17th-century tulip bulb frenzy. Its counterpart in bear markets is not well understood.

Financial markets have a tendency to go to excess.

Markets that are overpriced will correct and fall of their own weight..

You do not have to be a rocket scientist to know that it is hard for a market to keep going up when more and more people are getting out.

Bubbles are created when something positive is happening. People get over-enthusiastic about it and take the tide higher than it should go. The reality is bubbles are required to create an industry.

The worst excesses of the dot-com era are gone.

There is such an overvaluation of technology stocks that it is absurd. I would include our stock in that category. It is bad for the long-term worth of the economy.

Those who had been riding the upward wave decide now is the time to get out. Those who thought the increase would be forever find their illusion destroyed abruptly, and they, also, respond to the newly revealed reality by selling or trying to sell. And thus the rule, supported by the experience of centuries: the speculative episode always ends not with a whimper but with a bang.

Very few of the heroes of the Golden Age of American finance had much interest in the solid realities of what underlay their structure of stocks and bonds and credits .

A true bubble is when something is overvalued and intensely believed.

However, if one has been playing the buy-and-hold game with quality securities, one has been exposed to a substantial amount of market risk because the valuations placed on these securities have implied overly rosy scenarios prone to popular revision in times of more realistic expectation. This is one of those times, but it is my feeling that the revisions have not been severe enough, the expectations not yet realistic enough. Hence, the world's best companies largely remain overpriced in the marketplace.

Investing is simple, but not easy.

People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started.