No book dealing with today's bull market would be complete without a discussion of the Internet. The Internet is relevant to this book in two critical aspects.
First, the incredible speculation in Internet stocks is a clear sign that our market has become completely detached from economic reality. In fact the Internet stock craze may well go down as the most speculative period in the history of U.S. financial markets. It's quite possible that our children and grandchildren will remember today's Internet craze in the same way we remember the Dutch Tulip mania: as the most extreme and absurd speculation imaginable.