Scott Galloway

You were actually at the FTC in the late 90s looking at this train wreck.

I was in the caboose in the train wreck.

And, you know, raising money for internet companies.

And I remember a bunch of us at an e-commerce startup called Red Envelope, where we were trying to get an investment from AOL, who would invest $10 million in us in exchange for us spending $10 million in AOL's marketplace.

And they were doing these kind of, like, I don't know if you remember, Purchase Pro.

But it feels very similar.

It smells like teen spirit.

It feels very similar again.

These round-trip...

related party transactions.

And then when the company got in trouble and could no longer make the payments to AOL, and then AOL had to write it down, it took a big hit to their earnings.

And then, I mean, it was just like the unwinding was almost as fast as the downward spiral was almost fast as the upward spiral.

When you look back at how the dot-com implosion played out, and you try to project

This is what I'm hoping.

I think a lot of people see nothing but upside and have trouble actually visualizing the downside.

Can you talk a little bit about what happened in 2000 and if and how it relates to what might happen here?

Well, I'll put forward a thesis and you tell me where I might have this wrong.

Because what I find is as long as the markets are screaming up and the majority of investors don't really remember 99, it's very hard to create any sense of urgency or concern as long as you keep seeing a 401k going up.

But you have essentially, if these companies could get cut in half, Amazon and Cisco are

went down 90% from 99 to 2001.