![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIeSGYGLJW8p8_ZLEe3MB86-XPmM3eGhyo8gsgSdFarGMT7b2xutfkhRHl-e32Z5S2EblE6lJxzZGL3Muxulm8J6A2ZZK2Ad2lSDCfHHayLym5FIpjW069ySg6eCpCSwsZ0d60wg4UmA/s400/irrational-exuberance.gif)
Tuesday, February 24, 2009
A lost decade for stocks
Graph: The S&P 500 from the day Alan Greenspan made his famous "irrational exuberance" speech (December 5, 1996), through yesterday:
You would have done better with short-term U.S. Treasury bonds. Of course, you should not make future investment decisions by looking in the rear-view mirror.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIeSGYGLJW8p8_ZLEe3MB86-XPmM3eGhyo8gsgSdFarGMT7b2xutfkhRHl-e32Z5S2EblE6lJxzZGL3Muxulm8J6A2ZZK2Ad2lSDCfHHayLym5FIpjW069ySg6eCpCSwsZ0d60wg4UmA/s400/irrational-exuberance.gif)
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