still … fundamentals
matter but fiction outruns
our reality
Adapted from the opinion piece, Our Stock Market Is Broken (June 8, 2026) by Aaron Zamost, a tech communications consultant and a former executive at Square, where Mr. Zamost writes:
As part of its pitch to sell shares on the stock market, Elon Musk’s aerospace and technology company says it will capture over $28 trillion of the A.I. market (nearly the size of the entire United States economy).
To understand what’s going on, you have to see the game for what it is. Whether it makes sense or not, the market has heavily rewarded Mr. Musk’s utterances for some time. There are parallels to the meme stock phenomenon, in which a company’s shares soar primarily on the strength of viral social media hype.
In Silicon Valley, the result right now is a merry-go-round of profit and consequence-free failure as the same insular coterie of investors, entrepreneurs and banks continually fund one another’s next moves.
Is it any wonder that 67 percent of Americans believe the economy is rigged to advantage the rich and the powerful?
The real question is whether this party will end. Dr. Seru, like many finance experts, says it will. “Eventually, fundamentals still matter,” he noted. But who knows when that might happen? From birtherism to A.I. deepfakes, fiction has outrun reality for years now.
Years and years ago, mostly by accident, I became a webmaster of a publishing company and was accorded all the rights and privileges of being an expert on the subject, not that I was an expert, but that knew more about than most of the other people in the company.
There was one feller who had a title like COO or CFO or something but he was in charge of looking after the companies’ money and he read and accepted all the reports that led to something called the Web Bubble of the late 1990’s.
I was invited to attend his presentation to the board on the ‘Capitalization of the Corporate Website‘ where he presented data and charts that showed, beyond any reasonable doubt, that in 5 years, the corporate website would be worth 50 (not kidding) times the current valuation of the company.
He finished and the room went quiet.
Then the CEO said, “Mike? What do you think?”
I felt all those board members swivel their chairs to look at me.
I knew what I should say but I just couldn’t help myself.
I started by saying that it was a great presentation.
I said that web world was new and full of possibility.
Then said I was no economist but mentioned I had taken basic economics classes in college, like most of them I presumed, and I remembered something called the ‘zero sum theory’ and while I wasn’t sure if it applied, but what came to me when listening to this presentation and thinking of all the other same such stories in the news about other companies, was … where was all this new capital coming from?
There was a long silence and a clearing of thoughts and such.
I think the CFO wanted to strangle me but he nodded.
There was more quiet.
Then the CEO thanked me and thanked the CFO for the presentation and moved the meeting along to other non web topics and I was dismissed.
Later the CEO found me and told me I had said the quiet part out loud.
I said I hoped I didn’t cause any problems.
He told me not to worry and that sometimes someone needed to say the quiet part out loud.
Later when some folks came down the road talking about the next big thing in web world and offering the company a chance at getting in on the ground floor for several millions of dollars, that same CEO confidently said no.
Soon after that I played my ‘expertise’ into a job in online news where I stayed for 20 years.
According to Wikipedia, The dot-com bubble burst on March 10, 2000, which is the exact day the tech-heavy Nasdaq Composite Index reached its all-time high of 5,048.62 before starting a steep, multi-year decline.
Sorry to that fiction has outrun reality for years now.




