To the Moon

Don't think NASDAQ stocks can repeat 1999's hot performance? You're right--they may be higher!

Can this NASDAQ lunacy continue into next year? That's the question everyone on Wall Street keeps asking. And I have an answer that seems as hyperbolic as the stocks have been parabolic: you bet it can. In fact, it could accelerate in January, dwarfing some of the gigantic moves we have already seen. Here's why:

First, mutual funds, including index funds, the most popular form of investment, own very few of these newly created billion-dollar stocks. The mutual funds, stung previously when they created single-focus Latin American funds and Asian funds, have been loath to initiate Internet-only mutuals. And judging by...

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