Fashionable areas of clean energy, electric cars, cannabis stocks and SPACs have dropped sharply this year, in an echo of the dot-com era
rose 133%, while today’s leading bubble stock—Tesla—was up 110% from September to peak. Pure dot-com areas roughly tripled, just as cannabis funds have this time.
Trading behavior was similar, too. The end of 1999 was when fear of missing out drove dot-com skeptics—including institutional investors and holdout hedge funds—to buy anyway, while day traders drove extraordinary day-one gains for internet IPOs. Looking back, what I don’t recall about the dot-com bubble is just how boring the S&P 500 was over the final months of Nasdaq boom and bust. The S&P was down just 4% from its March high by mid-June in 2000. That isn’t so different to today, when the S&P has continued to make new highs despite the crash of fashionable stocks.
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