Rekindling the Passion for Internet Stocks

I had a "What the heck?" moment the other day when I was watching TV and someone said we've been in a bull market for three years so it's time to take a break and maybe see a bear market for awhile.

Umm, the market is flat since December 1998.

That's right. Almost seven years ago, the S&P 500 closed at 1195, right where it closed on Wednesday. Ever since then, we've been watching CNBC on our treadmills, moving nowhere.

This fact implies that everything we were hoping for back in December 1998 has failed to come to pass. Back then, everyone figured the rise in the Internet would increase productivity, create new companies, move retail online, and so on. So what happened? Well, the Internet has more than delivered on its promise, and that is why I am bullish on the sector here. ...