Kevin Duffy on technology waves

Technology waves are like hurricane warnings: those who go through them suffer from recency bias.  As the most recent experience is seared into their brains, they swing from underprepared to overprepared for the next one.  The internet altered the economic landscape, wreaking havoc on some and heaping fortunes on others.  (Many of the big winners, including Google, Facebook, Netflix and Salesforce, weren’t even public companies in 2000.)  No one can fault the current crop of high-tech CFOs for clamoring to ride the current AI wave.

~ Kevin Duffy, "Countervailing Forces," The Coffee Can Portfolio, p. 5, October 22, 2024