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Y2K Market Meltdown 

By: Zimbler0 in POPE | Recommend this post (2)
Mon, 11 Jun 12 8:29 PM | 50 view(s)
Boardmark this board | (The) Pope's for real stock market report 		Msg. 60624 of 65535
(This msg. is a reply to 60589 by killthecat)
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KTC> Especially if you were in tech stocks, which was the only place to be at that time.


KillTheCat,
I have one 'fond memory' from that train wreck.
And an observation.

First, with the obvious 20-20 hindsight . . . Tech
Stocks were the worst place to be. Yahoo losing
over 90% of its value. (Among others.)

Fondness? I had been buying Dominion Resoures -
an electrical utility stock - since 1997. Its share
price had finally gotten attractive enough I wanted
to buy more in early 2000 . . . then the bottom
dropped out and I had to put my checkbook back away -
Big D's share price skyrocketed. Had I bought a
ton of the stuff in February 2000 . . . a year later
with the dividends I'd have doubled my money. I still
own my Dominion and it has had a serious unrealized
capital gain ever since then.

But, I took a whupping in my 401K and in three stock
mutual funds I owned shares in.

One of the stock mutual funds . . when I started
buying shares of it in 1997 it was 'boring'. It
paid out a dividend. In mid 1999 they sent me a
letter telling me they was tired of the dot.coms
beating their butts and they was gonna get on the
bandwagon. The dividend all but disappeared . . .
and in 2000 so did a LOT of the value I had in it.

So, do NOT try to tell me there was no market
crash in 2000.

Zim.




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Mad Poet Strikes Again.


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The above is a reply to the following message:
Re: War is good for the economy
By: killthecat in POPE
Mon, 11 Jun 12 7:18 AM 		Msg. 60589 of 65535

Zim:

Especially if you were in tech stocks, which was the only place to be at that time. The market kept going down in 2001, 2002, and 2003. I lost money also, but not nearly as much as I gained in the late 1990s.

We were intimately involved in Y2K operations nationally and internationally, and realized that even though Y2K fizzled, the liquidity provided to address the potential crisis would be withdrawn starting in Q2 2000 with severe consequences to a surging stock market. I therefore pulled in my horns. I remember leaving a client company in May 2000, and asking a few of my friends there if they were prepared for Nasdaq 3000. They kind of laughed at my dire prediction. The Nasdaq was going to go up forever.

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