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Tom Yeung here with your Sunday Digest.
When people talk about the year “1999,” most investors will immediately tense up. That year was the start of a terrible stretch for the value-focused buy-and-hold crowd. The dot-com bubble burst meant that anyone who bought the Nasdaq Composite in January that year would have been in the red until 2006… just in time for the global financial crisis two years later.
Experienced growth investors will also shudder at the thought of 1999. Many internet companies saw their share prices peak early that year, including Lycos (March), Priceline (April), and TheStreet.com (May). In fact, many smaller dot-coms were already on their way out by the time 1999 began.
That means when Louis Navellier says he thinks today’s market looks a lot like 1999, he’s really saying two things:
