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The market isn’t as frothy as it was in 2000
25 february 2015

Though the NASDAQ Composite COMP, +0.14% has finally clawed its way back to the 5,000 level it hit at the top the Internet bubble in March 2000, it’s nowhere nearly as overvalued today as it was then — 15 years ago.

Is that good news?

The bulls certainly think so. In fact, however, comparing the current market to the top of the Internet bubble is damning with faint praise. Today’s market is still more overvalued than it was at the vast majority of bull-market peaks of the last century.

It’s indicative of the current market euphoria that many bulls are focusing only on the comparison to March 2000 and conveniently ignoring the rest of history.

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The market isn’t as frothy as it was in 2000

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