Agreed. During the dot-com bubble it seems like a lot of stock was driven by abject cluelessness and investors' perceived need to get in on any stock with .com in it.
These days, it's more like excessive optimism. People actually understand this stuff, at least vaguely, and if they're getting it wrong it's just because they don't see the downsides.
These days, it's more like excessive optimism. People actually understand this stuff, at least vaguely, and if they're getting it wrong it's just because they don't see the downsides.