What I've done in the graphic above is put the highs reached by both the Amex Internet Index and the Nasdaq 100 Index in 2000 at the same date the Nikkei 225 Index peaked in 1989. In the time that it has taken the Nasdaq 100 Index to drop 77% and the Amex Internet Index to drop 87%, the Nikkei 225 Index dropped "only" 54%.

The collapse of the tech market in the U.S. makes the Japanese bear market look like a stroll in the park. I guess every generation of investors has to learn the expensive lesson that speculative bubbles end badly.

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Chairman MaoXian