Michael Nadeau

We were at the same level of expected earnings growth in Q4 of 99, which was right before the peak.

It actually went up a tick higher in Q1 of 2000, up to 32.7% in Q1.

And then when you talk to people that were in the markets at this time, we were, you

not an investor and not even old enough to be participating in the market at this time.

But a lot of people say like, you know, what broke it?

Was there some catalysts?

Like, how could that, how could it just break because earnings were so strong?

You know, people will tell you like, it's not a good idea to just wait for these quarterly earnings to come out and then just be complacent because it looks good because there wasn't really much that broke it at the time.

It just kind of

started to roll over and then the narrative start to shift.

So it was really price that led, not fundamentals.

And I think that's the most important takeaway.

This is something we focus on in the crypto markets, that price leads fundamentals.

And we see the same thing also happen with crypto investors where

You get into a bull market in crypto, on-chain activity ramps up.

The price-to-sales ratio of Solana was coming way down as the valuation was going way up last cycle, right?

So if you start to extrapolate that out, you can tell a story about why this valuation makes sense.

But you're using the peak sort of activity on-chain to extrapolate out.

The question I have is like, okay, these are real earnings, right?

We're not saying they're not real earnings.