This set the stage for the relative performance shift that began with the new cyclical bull market in 2002 (a cyclical bull market in a secular bear market that saw the S&P 500 index first top 1500 in 1999 and then languish below that level for most of the next decade). When the market crashed in 2001, investment preferences began a structural shift, as pessimism about stocks became more and more entrenched.
This is mahbe why prop trading and hedge funds were a huge deal in the early 2000's
