Investing: Bubbling to Dow 10,000

Investors are forgetting lessons of the tech crash. How to avoid repeating that history

It has been four years since the Dow Jones industrial average first reached 10,000. Imagine that--only four years since investors convinced themselves that what went up wouldn't come down, that earnings did not really matter and that every budding technology company was a Microsoft in the making.

Can anybody say "deja vu?"

The closer the Dow gets to making a new assault on 10,000, the quicker investors seem to be unlearning all the lessons from the three-year bloodbath that preceded this year's rally. Morgan Stanley market guru Steve Galbraith grumbles that either the generations have become shorter or investor behavior deemed...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!