The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Every investment bubble shares a common theme, namely that investors come to adopt a mentality that "this time things are different." As a result, they make investment decisions that justify valuations that are fundamentally unjustifiable. In early 2000, the Nasdaq briefly rose above 5,000. Now, almost 12 years later, the Nasdaq is still hovering at roughly one half of that level. So much for "buy and hold," "wait it out" or "buy on the dips" investment strategies.
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