By Maggie Mahar
In 1982, the Dow hovered under a thousand. Then, the marketplace rose and swiftly won velocity until eventually it peaked above 11,000. famous journalist and monetary reporter Maggie Mahar has written the 1st publication at the striking bull industry that all started in 1982 and ended simply within the early 2000s. for nearly twenty years, a colourful forged of characters resembling Abby Joseph Cohen, Mary Meeker, Henry Blodget, and Alan Greenspan got here to dominate the industry information. This inside of examine that 17-year cycle of progress, outfitted upon interviews and extraordinary entry to crucial analysts, marketplace observers, and fund managers who eagerly inform the stories of excesses, offers the interval with a historic viewpoint and explains what particularly occurred and why.
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Additional info for Bull! What 21st Century Investors Need to Know About Financial Cycles, A History of the Boom and Bust, 1982-2004
After grazing 1000 in February of 1966, the Dow slid headﬁrst, hitting 744 in October, then turned around and headed back uphill, ﬂirting with 1000 a second time at the very end of 1968—before plummeting once again. By the fall of 1969, investors who had bought the hottest stocks of the go-go market—companies like Litton Industries, Transitron and National General—were decimated. Nevertheless, many a conservative investor still sat on a nice stack of paper gains. The mood in New York remained complacent: “Tables were scarce at expensive restaurants,” Brooks reported.
Good decisions” and “bad decisions” play a role in the outcome, but much depends on the wanton accidents of timing—when you get in and when you get out. Ideally, an investor cashes in his chips when a market peaks. If he holds on, his losses compound. Meanwhile, he loses the opportunity to make money elsewhere, and there is always someplace in the world to make money. But in any market cycle, those who ﬁnd themselves losing the game of musical chairs are bound to resist the inevitable. Even drowning victims do not go straight down.
Somewhere in between the retirees and the Gen X investors, graying baby boomers discovered that they had just enough short-term memory left to learn how to use the Internet. With the bits and bytes of information streaming across their computer screens, anything seemed possible. Online, they tapped into a world of virtual knowledge: Wall Street’s buoyant The People’s Market 19 estimates of what a business might earn, the company’s press release offering its own “pro-forma” version of what it had earned, an analyst’s surmise as to what the quarter’s proﬁts might augur for the future.