What is Reddit's opinion of Engines That Move Markets: Technology Investing from Railroads to the Internet and Beyond?

From 3.5 billion Reddit comments

>Technology evolution should be driving stocks in the next 50 years.

that's what they said about shipping canals in the 1820, railroad stocks in the 1850s, telephone and electric utility stocks about 1900, radio and airline stocks in the 1920s, etc etc etc. 'this new tech will change our lives, therefore it's a no-brainer investment that's guaranteed to pay off!'

in all cases there was a massive stock bubble a massive crash, and investors lost fortune. data here: https://www.amazon.com/Engines-That-Markets-Alisdair-Nairn/dp/0857195999/ref=sr_1_1?crid=2HJ3O10CJD58U&keywords=engines+that+move+markets&qid=1664120483&qu=eyJxc2MiOiIwLjcyIiwicXNhIjoiMC41MCIsInFzcCI6IjAuNzMifQ%3D%3D&sprefix=engine...

meanwhile boring bank stocks, oil stocks and soap makers like Proctor and Gamble were the best performing stocks over the decades.

anything is possible, but don't get your hopes up for a quick recovery. when the Nasdaq (QQQ) crashed about 80% in the dot com bubble, it needed about 14 years to simply break even. after a 60% loss, you'll need about a nearly a 300% gain to just break even.

ARK today is following basically the same track as the Janus or Munder funds from 20 years ago during the dot com bubble, or Nifty Fifty stocks from the 1970s, airline and radio stocks in the 1920s or Railroad stocks in the mid 1800s and shipping canal stocks before that.

every time there's an innovative new technology, there's a stock market bubble as people assume 'new important tech' means 'good investment'. but it's simply not true. the stock prices get pushed way way up by an investment frenzy, then a handful of the new innovative companies come out on top and the rest collapse or are bought out. it happens about every generation. interesting book about this trend called The Engines that Move Markets. https://www.amazon.com/Engines-That-Markets-Alisdair-Nairn/dp/0857195999