Flashing Back to Nasdaq 5000

Five years ago. Five faith-shattering, bowel-twisting and ultimately sobering years ago, the Nasdaq topped out at 5,132 -- a number that seems as elusive today as a cure for the common cold, but that on March 10, 2000, was just another stepping stone on the way to greater things.

Five years ago, investors could have looked back to March 10, 1995, when the Nasdaq traded below 800, and felt a gust of pride at all the wealth created in such a short time: Why, there were so many new technologies promising to make the world a better place that all a smart young CEO had to do was step outside his business school, open up his wallet, and the dollars would come flying in. Just chanting that magic mantra -- "Things really are different this time" -- was enough to ratchet the market higher.

Five years ago, it turned out, things really weren't all that different. ...