The NASDAQ: What A Drag!

Tech stocks have been skidding since spring. Is this a buying opportunity or another fool's game?

The April dip was for fools. Were you one of them? If so, you had plenty of company. For most of a decade, investors have enriched themselves by plowing money into the market every time it stumbled. Whatever the downward catalyst, from Yeltsin's coup to the Asian flu, prices routinely rebounded.

But that behavior defied a bedrock principle that the market makes most people look silly most of the time, a principle that quietly resurfaced last spring in the form of a dotcom massacre and today presses squarely in the face of eternal bulls. As has been fairly obvious for most...

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