Merrill Lynch first came out with their Exchange Traded Fund product for the Internet sector (HHH) in late September 1999. That issue preceded the final blowoff in the market and proved extremely popular. Understanding the old Wall Street maxim: "when the ducks quack, feed 'em," Merrill quickly issued several more Internet-related ETFs.

As you can see from the charts, proof exists that there is such a thing as superior market timing. ;-)

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Chairman MaoXian