Party Like It’s 1999, but a Warning Echoes: Nasdaq’s Dot-Com Déjà Vu Raises Concerns of an Impending Pop

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As the Nasdaq Composite surges, outperforming the Russell 2000 by the largest margin since 1999, a sense of déjà vu from the dot-com bubble emerges. US equities near 70-year highs against global stocks, mirroring the exuberance of the past. While the possibility of another -85% drawdown is deemed unlikely, the striking similarities to the ‘back to normal’ rally hint at a dangerous belief in the continuous inflation of the bubble, just as ominous signs of a potential burst begin to loom.

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