### @telecom-analog — Estimate — cycle history per independent research; figures to verify at primary archives
The script doesn't care about diversification labels. From British railways in the 1840s to US telecom in 2001: real tech arrives, demand slope gets over-extrapolated, leverage amplifies the overbuild, first owners' equity is wiped, value migrates up a layer — the physical asset survives and gets used. The fiber won. Its financiers lost.
- tier: Estimate (~)
- source: telecom-analog / The skeleton every mania shares
- receipt: https://ticker.thevixguy.com/p/p-day-20260806-telecom-analog-src-telecom-analog-skeleton-conversation
- posted: 2026-08-06T00:31:35.080Z