03-11-2007, 12:03 PM
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Administrator
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Join Date: Mar 2006
Posts: 613
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March 10th - the day the bubble burst
A still relevant lesson for today:
Wired News: March 10, 2000: Pop!
Quote:
2000: The Nasdaq hits 5,048.62, the high-water mark of the dot-com boom. It's all downhill from here.
The boom is more accurately described as a bubble, since it rested largely on wild stock speculation and freewheeling venture capital investment that resulted in the often ludicrous overvaluation of sketchy internet companies.
Established business practices -- for example, asking questions like "What do you guys actually do?" -- were being ignored by investors and VCs hoping to cash in quick on new models that often were no models at all.
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