In my view, this period surprisingly correlates with the first leg of the Fed's balance-sheet expansion [1], from ~$800B to ~$2.2T in 2008. As a reminder, this

In my view, this period surprisingly correlates with the first leg of the Fed's balance-sheet expansion [1], from ~$800B to ~$2.2T in 2008. As a reminder, this was the era of the early iPhones and the first MacBook Air [2] — tech was mature enough, but not yet overcrowded with VCs. [1] https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm https://www.federalreserve.gov/monetarypolicy/bst_recenttren... [2] https://web.archive.org/web/20080223071127/http://www.apple.com/ https://web.archive.org/web/20080223071127/http://www.apple....