Those Who Forget the Mistakes of the Past are Doomed to Repeat Them (Part I)

First came the Daleks, then Darth Vader and then Davnet. All 3 had the life mantra ‘Exterminate’; however the latter was a little more subtle about it. For those not familiar, Davnet was the pin-up stock of the late 1990’s tech boom. At the beginning of July 1998, Davnet was trading at 1.2c per share. Post a tech deal and some ‘enthusiastic’ projections, Davnet reached 28.5 cents by mid-1999, and then an astonishing $2.30 by the end of the calendar year. The price pushed even higher and peaked at $6 even on the 28th March 2000, turning over an astonishing $29m on the day. But alas, by the end of 2001, Davnet’s share price had returned to 3.9cps – down 99.33% from its peak 19 months earlier. As George Santayana famously quipped all those years ago, ‘Those Who Forget the Mistakes of the Past are doomed to repeat them’. Whilst the tech sector ‘feels’ as though it has more to run, remember that you are punting and even more importantly, remember how it ends!