Tech turmoil
New Zealand Listener|May 28 - June 3, 2022
The lure of soaring returns in the tech sector was part of a "growth at all costs" mantra that has the planet riding for a fall.
Peter Griffin
Tech turmoil

Warren Buffett, the wily 91-year-old multibillionaire and veteran of Wall Street, advises investors to be "fearful when others are greedy, and greedy when others are fearful".

Well, investors are in full fear mode at the moment. The markets have been slowly melting down. Rising interest rates, inflation, lingering supply-chain issues as China locks down to suppress Covid, and the ongoing nightmare in Ukraine have caused people and their asset managers to park their money somewhere safer.

The flight from risk has been particularly acute in the tech space, which had an incredible bull run stretching from the end of the global financial crisis of 2007-08 to the start of this year. In one three-day selling frenzy earlier this month, US$1 trillion was collectively wiped from Apple, Amazon, Alphabet, Nvidia, Meta, Microsoft and Tesla.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM NEW ZEALAND LISTENERView all
First-world problem
New Zealand Listener

First-world problem

Harrowing tales of migrants attempting to enter the US highlight the political failure to fully tackle the problem.

time-read
3 mins  |
September 9, 2024
Applying intelligence to AI
New Zealand Listener

Applying intelligence to AI

I call it the 'Terminator Effect', based on the premise that thinking machines took over the world.

time-read
2 mins  |
September 9, 2024
Nazism rears its head
New Zealand Listener

Nazism rears its head

Smirky Höcke, with his penchant for waving with a suspiciously straight elbow and an open palm, won't get to be boss of either state.

time-read
2 mins  |
September 9, 2024
Staying ahead of the game
New Zealand Listener

Staying ahead of the game

Will the brave new world of bipartisanship that seems to be on offer with an Infrastructure Commission come to fruition?

time-read
4 mins  |
September 9, 2024
Grasping the nettle
New Zealand Listener

Grasping the nettle

Broccoli is horrible. It smells, when being cooked, like cat pee.

time-read
3 mins  |
September 9, 2024
Hangry? Eat breakfast
New Zealand Listener

Hangry? Eat breakfast

People who don't break their fast first thing in the morning report the least life satisfaction.

time-read
3 mins  |
September 9, 2024
Chemical reaction
New Zealand Listener

Chemical reaction

Nitrates in processed meats are well known to cause harm, but consumed from plant sources, their effect is quite different.

time-read
4 mins  |
September 9, 2024
Me and my guitar
New Zealand Listener

Me and my guitar

Australian guitarist Karin Schaupp sticks to the familiar for her Dunedin concerts.

time-read
2 mins  |
September 9, 2024
Time is on my side
New Zealand Listener

Time is on my side

Age does not weary some of our much-loved musicians but what keeps them on the road?

time-read
7 mins  |
September 9, 2024
The kids are not alright
New Zealand Listener

The kids are not alright

Nuanced account details how China's blessed generation has been replaced by one consumed by fear and hopelessness.

time-read
4 mins  |
September 9, 2024