“Those who don’t remember history are condemned to repeat it,” philosopher, George Santayana.
We acted on gap openings in tech stocks on March 23, 2000, the day before the tech bubble peak. That rare market moment is an indelible memory since I managed a New York based technology hedge fund at that time – Helsinki Advisors, LLC – which had appreciated 112% in five months and had grown to $24 million dollars under management. (The fund’s inception was on November 4, 1999 five months earlier.) The technician who flagged this rare market action said, “get out of tech and stay out.” We did. Helsinki Advisors, LLC hung in there with stunning returns before ultimately succumbing to the NASDAQ’s epoch 30-month 83% crash.
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