In October 1999, 5 months before the internet bubble burst, @opinion_joe wrote a cover story for Fortune magazine titled “Trader Nation.”
It was about how Americans were embracing the stock market, with some even quitting their jobs to become day traders trib.al/t0aIgaQ
It was about how Americans were embracing the stock market, with some even quitting their jobs to become day traders trib.al/t0aIgaQ
Two decades later, Nocera is interviewing the same individuals again to find out how living through a stock bubble can affect investors for the rest of their lives trib.al/t0aIgaQ 
The original Fortune article was set in Providence, R.I., where residents were getting caught up in the stock market.
Even the mayor, Vincent “Buddy” Cianci, was addicted to the market during the dot-com bubble trib.al/t0aIgaQ
Even the mayor, Vincent “Buddy” Cianci, was addicted to the market during the dot-com bubble trib.al/t0aIgaQ
“I got a hot tip on a medical stock. How much did I lose on that?” he asked his assistant. “About $3,000?” “Something like that,” she replied. He:
-Checked his portfolio daily
-Preferred mutual funds
-Had invested $50,000 in a hedge fund run by his nephew trib.al/t0aIgaQ
-Checked his portfolio daily
-Preferred mutual funds
-Had invested $50,000 in a hedge fund run by his nephew trib.al/t0aIgaQ
Sadly, Cianci died five years ago, so Nocera wasn’t able to ask him whether he remained captivated by the market once he went to prison for racketeering in 2002. He’s guessing not.
The dot-com bubble, after all, had burst by then trib.al/t0aIgaQ
The dot-com bubble, after all, had burst by then trib.al/t0aIgaQ
Cisco Systems, the best-performing stock in the 1990s, went from $74 a share in April 2000 to $19 by May 2001.
The dot-com darlings — eToys.com, Webvan, Pets.com and Eve.com among them — went out of business trib.al/t0aIgaQ
The dot-com darlings — eToys.com, Webvan, Pets.com and Eve.com among them — went out of business trib.al/t0aIgaQ
Michael Moffitt was scarred by his experience. Moffitt was 23 when Nocera met him, working for Suretrade, an early DIY electronic trading platform.
Suretrade had around 350,000 customers, and many, if not most, were day traders trib.al/t0aIgaQ
Suretrade had around 350,000 customers, and many, if not most, were day traders trib.al/t0aIgaQ
Montenaro liked to call Moffitt “lobsterboy” because he had joined the company after working on a lobster boat — which is where he got his first taste of investing.
Even the fishermen he was working with were trading tech stocks trib.al/t0aIgaQ
Even the fishermen he was working with were trading tech stocks trib.al/t0aIgaQ
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