Sunday, March 13, 2011

Dow 36,000 man is back, with more advice

Riches in the revolution

Ah, those were the days! Individual investors ruled. Ads told us to “boot your broker.” The Internet revolution promised riches for everyone. And why not? Internet stocks routinely doubled or tripled on their first day of trading. It was, we now know, one of the biggest stock manias ever, comparable to Japan in the 1980s and the U.S. in the 1920s. In the 11 years since the bust, the Nasdaq has never reached 3,000, let alone 5,000.

And the Dow Jones Industrial Average? It stood at almost 10,300 when Dow 36,000 was published, eventually topped 14,000 in October 2007, and recently closed above 12,000.

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