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Money Machine by Gary Smith

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SEEING THROUGH THE HYPE

If you don’t know who you are, the stockmarket is an expensive place to find out.

—GEORGE GOODMAN

On March 11, 2000, I participated in a conference on the booming stock market and the widely publicized “36K” prediction that the Dow Jones Industrial Average would soon more than triple, from below 12,000 to 36,000. James Glassman and Kevin Hassett, two scholars at the American Enterprise Institute, had written a cover story for the Atlantic Monthly and a book published by Random House arguing that “stock prices could double, triple, or even quadruple tomorrow and still not be too high.” Their “conservative” estimate of “the ...

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