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Created: 2001-02-24
Last Modified: 20
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NASDAQ Round Trip

J. Bradford DeLong

March 2001


  • Alan Greenspan asked a question: "Is the stock market subject to irrational exuberance?"
  • The answer is clear: yes, it was.
  • The NASDAQ index is now back where it was at the start of 1998.
  • The S&P composite index is now back where it was in the middle of 1998.
  • Both are still very high relative to measures of corporate profits, and have substantial room to fall further before the stocks that make up the indices look like bargains.

Professor of Economics J. Bradford DeLong, 601 Evans Hall, #3880
University of California at Berkeley
Berkeley, CA 94720-3880
(510) 643-4027 phone (510) 642-6615 fax

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