With computers nowadays and the Internet, the average investor can be a financial genius. You now have databases . . . which put you on a par with the top money managers.
During those years, a market used to last about 9-10 months. In 1990 we had a bear market which took 3 months.
We've always had periods when something came in vogue, ... This is different because of the Internet. It keeps on going and the riches just keep astounding everybody. All the traders that come up today naturally gravitate toward Internet stocks.
Election years are traditionally up years
Incumbent administrations shamelessly attempt to massage the economy so voters will keep them in power
It certainly is a bear market
We're seeing things we've never seen before, where one day the Dow is up 100 and Nasdaq is down 100, and vice versa
It's just the style of the last 15 years, ... Because of the long-term bull cycle, the bear markets are very short.
Those new stocks haven't really helped all that much, but I don't think they've actually hurt all that much, either. Their formula for picking stocks isn't the end-all, but it's what people know.
Had they left IBM where it was, the index easily would have been 1,500 points higher during that time. But how can you give them praise or blame? They are just making up an average.