By Maggie Mahar
In 1982, the Dow hovered under one thousand. Then, the industry rose and quickly received velocity until eventually it peaked above 11,000. famous journalist and monetary reporter Maggie Mahar has written the 1st e-book at the outstanding bull industry that all started in 1982 and ended simply within the early 2000s. for nearly twenty years, a colourful solid of characters equivalent to Abby Joseph Cohen, Mary Meeker, Henry Blodget, and Alan Greenspan got here to dominate the marketplace information. This inside of examine that 17-year cycle of development, outfitted upon interviews and unheard of entry to crucial analysts, marketplace observers, and fund managers who eagerly inform the stories of excesses, offers the interval with a old standpoint and explains what rather occurred and why.
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Extra info for Bull! What 21st Century Investors Need to Know About Financial Cycles, A History of the Boom and Bust, 1982-2004
As it turned out, Acampora’s intuition on that August night in 1998 was at least half right. It was time for investors to think about cutting their losses. On August 31, the Dow Jones Industrial Average plunged 502 points; in the weeks that followed it continued to slide. By October 8 the Dow had lost 1,900 points. Granted, the bull market had another 18 months to run—and by 1999, Acampora himself was once again a bull. But in retrospect, it would become clear that the meltdown that began in the summer of 1998 marked a turning point.
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. If investors who lived through a bear market are slow to recognize an upturn, those who have become accustomed to a bull market ﬁght a downturn tooth and nail. Denial, anger, desperation . . these are just some of the stages that investors pass through before accepting defeat. So, even after it became clear to the vast majority of investors that the Great Bull Market of 1982–99 had ended, mutual fund investors stood ﬁrm.
2 In hindsight, the crash of 1962 would be seen as an early warning: investors were beginning to overreach. Nevertheless, at the time the damage was limited. Although the high rollers who had thrown their savings at new issues and hot penny stocks were wiped out, the mutual fund industry, which was just beginning to become a major force in the market, emerged relatively unscathed. The Dow rolled forward, and by the end of 1963 the index hit a new high. S. landed a spacecraft on the moon, and the Dow shot for the same heavenly body, crossing 900 for the ﬁrst time.
Bull! What 21st Century Investors Need to Know About Financial Cycles, A History of the Boom and Bust, 1982-2004 by Maggie Mahar