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February 13, 2023
The Eerie Familiarity of California’s Boom-Bust Cycle
Those trying to ride a corporate unicorn to a major IPO should consider the lessons of their nineteenth-century forebears. On January 24, 1848, James Wilson Marshall, a carpenter from New Jersey who had taken up residence near Sutter’s Fort in northeast California, was attempting to establish a timber mill to feed burgeoning construction in nearby…