The Dot-Com Bubble Timeline
Jun 1995
Apr 1994
Jan 1991
May 1989
1999
Aug 1995
Nov 1998
Dec 1995
Apr 2000
Mar 2000
2000
Dec 1999
2002
Oct 2002
Jul 2000
Dec 2001
December 1995
Netscape Continues to Excel
Shares in Netscape now trade at $170, giving the firm a total market cap of $6.5 billion. The early success of Netscape will provide the template for tech start-ups and investors during the bubble: early IPOs are the way forward, regardless of the performance against traditional benchmarks.
April 2000
Bubble Begins to Burst
The sudden and rapid collapse of the tech market surprises everyone, including skeptics. In one week in April, the NASDAQ falls by 25%, a record for any single week of trading.
May 1989
World Wide Web is Created
Whilst working at the European Organization for Nuclear Research (CERN), Tim Berners-Lee looks to increase productivity by designing a decentralised system to upload and access documents. This technology would have unimaginably large network effects: the more people that used it, the more efficient it became.
december 2001
Enrol Files for Bankruptcy
Whilst Enron was not a tech firm, the 'creative accounting' employed by the energy giant is symptomatic of the practices of American business as a whole during this period. Misinformation with regards to profitability and valuations has been rife and has impacted the decisions made by investors.
2000
The Rise of ECN Trading
During this period, ironically, the rise of the internet makes speculative stock market investments much easier. By 2000, 30% of stocks are being traded via Electronic Communications Networks compared to just 3% in 1993.
July 2000
A Second Peak
Between May and July, internet stocks have risen by 42%, and the NASDAQ appears to be recovering. However, any optimism will be short-lived as from here on in, the bubble will only continue to deflate.
December 1999
CAPE Reaches a Record High
Shiller's Price-Earnings ratio, used to assess the likelihood of future returns on assets, peaks at a value of 45. The Index has never reached this high before (or since), indicating unsustainable investment practices.
March 2000
NASDAQ Peaks
The tech heavy NASDAQ Composite Index closes at a record value of 5050. The index has increased by over 200% in the past 18 months. The faith of investors in the profitability of this new tech is at its all time high.
january 1991
World Wide Web is Public
For the first time, people outside of CERN can access this new system. However, the system is incredibily complex to navigate so early adoption remains limited.
august 1995
Shares in Netscape go Public
Despite performing poorly against traditional metrics, Netscape's shares are in great demand. The first day of trading saw them start at $28 a share and close at $58.
2002
The Internet is Here to Stay
Despite the incredible losses suffered by investors, the bubble has fundamentally reshaped society. By the end of 1993, the likes of Mosaic had meant that 14 million people were using the internet. By the end of the bubble in 2002, 663 million people are using the internet. The world will never be the same.
November 1998
Fed Cuts Intersts Rates
The Federal Reserve System reduces the interest rate for a 3rd time in 3 months in response to the Russian financial crisis and in order to bail out a large and important domestic hedge fund. The cut in the funds rate from 5.5% to 4.75% will later be argued as being excessive and will help to fuel the Dot-Com bubble.
October 2002
Market Bottoms
In the previous 30 months, the S&P 500 has lost 48% of its value and the NASDAQ has fallen by 77%. The NASDAQ will not fully recover for another 13 years. Hundreds of companies have failed and an estimated $5 trillion in market value has been lost.
June 1995
Netscape's IPO
Netscape makes the incredibly rare decision to have an Initial Public Offering before the firm has turned a profit. In combination with a desire to raise capital, the founders see this as an opportunity to market their creation.
1999
Tech IPOs are in Vogue
The number of new technology Initial Public Offerings being issued reaches its peak at 371 across the year, valued at a total of $450 billion. In 2001, the total value of new tech IPOs issued will fall to $27 billion.
April 1994
Mosaic is Founded
Mosaic Communications Corporation (later renamed to Netscape) is founded and serves as a web browser that makes the web more accessible to the general public. Netscape would later become the archetype of the tech start up that would define the Dot-Com bubble.
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Transcript
The Dot-Com Bubble Timeline
Jun 1995
Apr 1994
Jan 1991
May 1989
1999
Aug 1995
Nov 1998
Dec 1995
Apr 2000
Mar 2000
2000
Dec 1999
2002
Oct 2002
Jul 2000
Dec 2001
December 1995
Netscape Continues to Excel
Shares in Netscape now trade at $170, giving the firm a total market cap of $6.5 billion. The early success of Netscape will provide the template for tech start-ups and investors during the bubble: early IPOs are the way forward, regardless of the performance against traditional benchmarks.
April 2000
Bubble Begins to Burst
The sudden and rapid collapse of the tech market surprises everyone, including skeptics. In one week in April, the NASDAQ falls by 25%, a record for any single week of trading.
May 1989
World Wide Web is Created
Whilst working at the European Organization for Nuclear Research (CERN), Tim Berners-Lee looks to increase productivity by designing a decentralised system to upload and access documents. This technology would have unimaginably large network effects: the more people that used it, the more efficient it became.
december 2001
Enrol Files for Bankruptcy
Whilst Enron was not a tech firm, the 'creative accounting' employed by the energy giant is symptomatic of the practices of American business as a whole during this period. Misinformation with regards to profitability and valuations has been rife and has impacted the decisions made by investors.
2000
The Rise of ECN Trading
During this period, ironically, the rise of the internet makes speculative stock market investments much easier. By 2000, 30% of stocks are being traded via Electronic Communications Networks compared to just 3% in 1993.
July 2000
A Second Peak
Between May and July, internet stocks have risen by 42%, and the NASDAQ appears to be recovering. However, any optimism will be short-lived as from here on in, the bubble will only continue to deflate.
December 1999
CAPE Reaches a Record High
Shiller's Price-Earnings ratio, used to assess the likelihood of future returns on assets, peaks at a value of 45. The Index has never reached this high before (or since), indicating unsustainable investment practices.
March 2000
NASDAQ Peaks
The tech heavy NASDAQ Composite Index closes at a record value of 5050. The index has increased by over 200% in the past 18 months. The faith of investors in the profitability of this new tech is at its all time high.
january 1991
World Wide Web is Public
For the first time, people outside of CERN can access this new system. However, the system is incredibily complex to navigate so early adoption remains limited.
august 1995
Shares in Netscape go Public
Despite performing poorly against traditional metrics, Netscape's shares are in great demand. The first day of trading saw them start at $28 a share and close at $58.
2002
The Internet is Here to Stay
Despite the incredible losses suffered by investors, the bubble has fundamentally reshaped society. By the end of 1993, the likes of Mosaic had meant that 14 million people were using the internet. By the end of the bubble in 2002, 663 million people are using the internet. The world will never be the same.
November 1998
Fed Cuts Intersts Rates
The Federal Reserve System reduces the interest rate for a 3rd time in 3 months in response to the Russian financial crisis and in order to bail out a large and important domestic hedge fund. The cut in the funds rate from 5.5% to 4.75% will later be argued as being excessive and will help to fuel the Dot-Com bubble.
October 2002
Market Bottoms
In the previous 30 months, the S&P 500 has lost 48% of its value and the NASDAQ has fallen by 77%. The NASDAQ will not fully recover for another 13 years. Hundreds of companies have failed and an estimated $5 trillion in market value has been lost.
June 1995
Netscape's IPO
Netscape makes the incredibly rare decision to have an Initial Public Offering before the firm has turned a profit. In combination with a desire to raise capital, the founders see this as an opportunity to market their creation.
1999
Tech IPOs are in Vogue
The number of new technology Initial Public Offerings being issued reaches its peak at 371 across the year, valued at a total of $450 billion. In 2001, the total value of new tech IPOs issued will fall to $27 billion.
April 1994
Mosaic is Founded
Mosaic Communications Corporation (later renamed to Netscape) is founded and serves as a web browser that makes the web more accessible to the general public. Netscape would later become the archetype of the tech start up that would define the Dot-Com bubble.