Seth Klarman wrote this in 1998, but swap "Internet" for "AI" and it feels like a mirror image of 2026:

🚩 Extreme concentration in top 20 stocks

🚩 Valuations based on "inevitability" rather than cash flow

🚩 "home trading via the internet"

As Klarman wrote, "Most significantly, the prevailing bullish arguments focus on momentum, money flows, and inevitability; valuation underpinnings are not mentioned as part of the bull case."

History doesn't repeat, but it definitely rhymes.