Yes. There were plenty of people saying “but this business doesn’t have a path to making more money than it spends.” There was, at the time, serious doubt about internet advertising as a viable business.

And the companies building out the telecommunications infrastructure. Between the 1996 reforms creating a lot of redundant competition for competing telecommunications networks, mania about the information superhighway, there was basically never going to be a way for these companies that spent billions deploying real resources in creating telecommunications lines to make enough money to even make their interest payments. So they mostly went bankrupt and their assets got sold to others at a fraction that it cost to build them.

Warren Buffett sat the whole thing out and his portfolio significantly underperformed the market as a whole. His philosophy of only wanting to invest in companies that he saw as undervalued, with a low price for their earnings or dividends or general enterprise value, didn’t work really well for the prevailing investor sentiment at the time.