[yanowitz]

From the notes: "by late 1998, the NASDAQ was at about 1400—just 400 points higher than it was in August ’95. "

A 40% increase in a stock index in ~3 years is an amazingly huge bull market and the sense of frothiness was everywhere at the time. In general, telescoping the "bubble" to 18 months doesn't make sense to me -- the craziness really started with the Netscape IPO. But it was a hockey stick and so those 28 months of the curve look particularly crazy.