In the era stirred by the great internet wave, NASDAQ had once created countless myths. Numerous new internet enterprises with innovative concepts, relying entirely on cash-burning ideas, could easily generate market capitalizations in the tens, or even tens of billions, and hundreds of billions of US dollars.
Deep-pocketed venture capitalists rushed in frantically, waving their checks to drive the market higher and higher, pushing their invested companies to go public only to reap massive fortunes. After dumping their stocks at high prices onto ordinary retail investors and shareholders, they wiped their mouths smugly and exited the scene.
Yet when the tide receded, it was glaringly obvious who was swimming naked. Two deeply impactful stock market crashes taught stockholders and small-to-medium investors a profound lesson: the foolproof tricks of the past no longer worked on NASDAQ.
Chapter 751