(3) Important pattern #3: ~Every tech CEO knew he should do a single deep layoff to prevent ongoing morale damage from subsequent layoffs. He then did an initial ~10% cut, and then ~6 more 10% cuts by the time the carnage was over.

(4) Important pattern #4: The bottom did not come in until the demoralization was so comprehensive that the tech crash wasn't even generating news headlines anymore, it was just sad and depressing. Also, until the hotshot public stock managers of the era were fired or retired.

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