But here's what hasn't changed: tech companies still have real earnings. Unlike 2000, companies like Apple, Microsoft, and Nvidia aren't vaporware—they're printing cash. Nvidia's forward P/E is in the teens. That's not bubble territory. That's a legitimate buying opportunity if the business fundamentals hold.

So What Should You Do?

I'm not going to tell you whether to buy, sell, or hold. That depends on your time horizon, risk tolerance, and whether you can stomach watching your portfolio drop another 10-20% before it recovers. But I will tell you this:

If you're panicking now, you were overexposed. The whole point of diversification and risk management is so you don't have to make emotional decisions during drawdowns. If watching QQQ drop is giving you panic attacks, that's a sign you had too much concentrated in tech.

If you're young and investing for the long term, this is what buying opportunities look like. Yeah, it might drop more. It probably will, honestly. But historically, buying during major drawdowns and holding for 5+ years has been one of the most reliable wealth-building strategies in existence.

If you're close to retirement, this is why you should've been rebalancing into bonds years ago. Concentration risk works both ways—it amplifies gains on the way up and losses on the way down. If you need this money in the next five years, you shouldn't be 100% in tech.

The Bottom Line

Drawdowns are a feature of investing, not a bug. The market doesn't go up in a straight line, and every major bull run is punctuated by corrections that feel like the end of the world.

What separates successful long-term investors from everyone else isn't the ability to avoid drawdowns—it's the ability to stay rational during them. Look at fundamentals. Look at valuations. Ask whether the companies you own are still generating cash and solving real problems.

If the answer is yes, and you don't need the money tomorrow, then history says these are the moments you should be buying, not selling.

If they can't explain it simply, they're probably hiding something. But in this case, the explanation is simple: markets go down sometimes. The question is whether you have the stomach to hold through it.