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Party Like It’s 1999: From ETrade to eToro

Towards the end of 1999, two authors published a book called Dow 36,000. Over almost 300 pages, they laid out a view that the Dow Jones index would go on an almighty run. From an already elevated level of around 10,000 at the time of publication, they projected that the index would rally to 36,000 over the next few years. Needless to say, it didn’t.

Over 20 years later, however, we’re finally getting close. This week, the Dow broke through 33,000 for the first time, putting us within a whisker of Dow 36,000. 

The current stock market rally has many features in common with 1999. Chief among them is the involvement of retail investors. Dow 36,000 was w…