Conventional wisdom has things exactly backwards; going back to the rise of the Information Age (say, 1980), the long-term trend is growth. The bubbles are the

Conventional wisdom has things exactly backwards; going back to the rise of the Information Age (say, 1980), the long-term trend is growth. The bubbles are the brief, unsustainable periods when valuations are temporarily down. Yes, they’re bound to happen every now and then. But sure as anything, they pop and we return to normal (i.e., growth).