Twenty years ago, Warren Buffett used the analogy of Cinderella’s ball when describing investors in the midst of the tech bubble. They were "giddy participants [who] all plan to leave just seconds before midnight", he said. "There’s a problem, though: they are dancing in a room in which the clocks have no hands."

Today, with valuations of the large tech stocks soaring to record highs, one could rightly wonder if we are in another tech bubble...

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