Stray Reflections 1999: A Feeling
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Jan 23, 2026 A stroll through late-1990s tech optimism and the Nasdaq surge. Engineers abandoning stable jobs to chase startup riches. The day trading boom and media-fueled market frenzy. Celebratory mergers and milestones masking deep weaknesses. The market collapse and the huge investor losses that followed.
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The Fever Of The Late‑90s Tech Boom
- The late‑90s tech boom felt like a new era as engineers left stable jobs for startups and IPOs were treated like lottery tickets.
- Wired and Businessweek captured the mood while traders toasted milestones like Nasdaq crossing 2000 and later 5000.
Youth, Speed, And A Shift In Risk Culture
- A younger generation of traders prioritized speed over prudence, reshaping market behavior and risk appetite.
- Veteran investors felt obsolete as day trading, CNBC culture, and rapid speculative activity dominated 1999 markets.
Paradigm Narratives Replace Valuation Discipline
- Skepticism was dismissed as ignorance while growth narratives replaced traditional valuation metrics.
- Faith in a 'new paradigm' filled the void once occupied by earnings and dividends, warping investment judgment.