Exactly - if you need proof that equity of tech companies is a different investment than equity of staid, ordinary companies, look at the capital structure of successful tech companies.

Google, Microsoft, Nvidia, Apple...No Debt.

The existence of large cash cushions on these balance sheets is insurance against a rainy day, and changes the risk profile. If these companies had been levered during the 03-07 expansion, they would have exploded in value.

They didn't, because it makes no sense to lever a tech company to the hilt, even if you believe it makes sense to lever a manufacturing company to high heaven. Cashflows are too variable and too prone to disruption.

It takes a special kind of tech co to go public, and many (i'm lookin' at you pets.com) weren't that kind.