What caused the rise and fall of tech stocks?I argue that a mechanism much like the transactions demand for money drove many stock prices above the ``fundamental value'' they would have had in a frictionless market.I start with the Palm/3Com microcosm and then look at tech stocks in general.High prices are associated with high volume, high volatility, low supply of shares, wide dispersion of opinion, and restrictions on long-term short selling.I review competing theories, and only the convenience yield view makes all these connections.
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