Bradford Delong and Konstantin Magin remind us that a decade ago, many thought the stock market overvalued, and yet on balance the last decade has been good for investors who bought and held. What does this tell us?

A surprisingly large amount of commentary today marks the beginning of the dot-com bubble of the late 1990s from either the Netscape Communications initial public offering of 1995 or Alan Greenspan's quot;irrational exuberancequot; speech of 1996. We believe that this is wrong: we see little...

A surprisingly large amount of commentary today marks the beginning of the dot-com bubble of the late 1990s from either the Netscape Communications initial public offering of 1995 or Alan Greenspan's "irrational exuberance" speech of 1996. We believe that this is wrong: we see little sign that...

Bradford Delong and Konstantin Magin remind us that a decade ago, many thought the stock market overvalued, and yet on balance the last decade has been good for investors who bought and held. What does this tell us?

A surprisingly large amount of commentary today marks the beginning of the dot-com bubble of the late 1990s from either the Netscape Communications initial public offering of 1995 or Alan Greenspan's "irrational exuberance" speech of 1996. We believe that this is wrong: we see little sign that...