This post is part of Om Malik’s bubble-a-thon.
In late October of 1987, a week or so after the Crash, there was this great cartoon I read in the USA Today (I must have been staying at a Marriott!). Two well dressed older gentlemen were walking and one said to the other, “I know it’s only a paper loss, but I miss it anyway.”
That seems to be the prevailing opinion about the NASDAQ 5000 five years ago today. A couple of trillion in losses on paper, and yeah, we kinda miss it. But has anything really changed since then? Not really.