NEW YORK ( TheStreet) -- I'm not sure I'll ever understand why people can't just forget about 1999.
If you're an investor, you'll hurt yourself more hanging on to bad memories of the dot.com era than you will letting them go. I swear every bear who talks down a company such as Facebook (FB - Get Report) suffers from post-traumatic stress.
Case in point: The nonsensical Barrons hit piece from September that set a $15 price target for FB. Now we've got at a $30 stock -- up roughly 49% since then -- and visioning Facebook at $100 no longer seems so absurd.
It's not like I didn't live through 1999 to 2000. I was there, in the thick of things, on the ground. I lived and worked in San Francisco for a company that sells sports hospitality packages. I did inside sales. Think of the fantastic Ben Affleck/Vin Diesel movie "Boiler Room." Picture me pitching presidents and VPs of sales while trying to avoid their gatekeepers. On page two, one of the best movie scenes of all-time from "Boiler Room." It was a crazy time. I was closing deals left and right because companies, large and small, were spending money like rock stars. That said, we tend to downplay all of the "good" that happened during those days while upselling the "bad." Lots of people got rich. I'll never forget two of my favorite clients -- former VPs of Sales Woody Shackleton at Foundry Networks (purchased by Brocade Communications (BRCD - Get Report)) and Harry Silverglide from the still-independent Extreme Networks (EXTR - Get Report). Check out the chart on that bad boy Extreme: EXTR data by YCharts
Guys like Shackleton and Silverglide became instant IPO millionaires. Plenty of retail investors (like me) chased stocks such as FDRY and EXTR losing money in the process. You're going to blame a so-called "bubble" because you broke Investing 101 rule number 9, Never chase an IPO?
An era that saw Webvan and Pets.com go bust also spawned Amazon.com (AMZN - Get Report), a company that pioneered an entirely new category and will be around forever. The late 1990s/early 2000s period also fueled other game-changing spaces such as search and social media. I look back on those days with a nostalgic fondness and very little pain, remorse or regret.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts