Whoopee! The Nasdaq Composite index is back to its highest level since the beginning of the end for big tech stocks. But there's still plenty of pain around for investors who picked poorly.
There are 10 stocks in the Nasdaq 100 index, including satellite broadcaster Sirius XM, network optimizer Akamai, online content company Yahoo and networking giant Cisco Systems that are still 50% or much more below where they were trading on the tech peak of March 10, 2000. The Nasdaq 100 contains the 100 largest non-financial stocks on the Nasdaq, including most of the most-loved stocks during the tech boom.
These once-ballyhooed tech stocks are still hurting even while the broad Nasdaq composite index is hitting a 14-year high today and rallying to the best level since March 31, 2000.
The disconnect is yet another example (as if investors needed another one) of the incredible difficulty of picking individual stocks, especially in a hot sector. Even if investors identified technology as a promising area, choosing one of these fallen stocks that can't get up would have been a brutal blow to a portfolio. Not only are investors still holding these stocks down 50% or more, they've missed out on a powerful rally that's pushed the Standard & Poor's 500 up 41% since March 10, 2000.
And get this. Even had investors just bought the Nasdaq 100 in the form of the PowerShares QQQ Trust, they would be just a good market year or two away break-even, a bummer, but nowhere near a 50% loss. The so-called QQQQ is down 14.4% since March 10, 2000.
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