The Globe and Mail reports in its Wednesday, May 4, edition that the current market crash is necessary and unavoidable. The Globe's Tim Kiladze writes that returns on unprofitable private companies over the past decade were so outrageously high that the venture capital mentality of backstopping start-ups to help them build scale bled into public markets. As well, with interest rates back to near-zero, investors could borrow for next to nothing to torque their returns. In October, margin debt in the United States hit a record high. Mispriced mergers and acquisitions are some of the worst value destroyers known to humankind. Despite this knowledge, mere months before the tech rout started, Lightspeed Commerce, one of Canada's supposed tech darlings, bought two companies for 15 times sales. It all went on for so long that it started to seem as though there was no turning back. However, then the economy caught up, inflation set in and the mere fear of rate hikes ignited the tech sector rout. Lightspeed's stock has tumbled 83 per cent from its peak in September. In a note to investors, equity analysts at BofA Securities cautioned that this coming quarter marks the "end of euphoria," as Lightspeed investors know well.