IN THE WORDS of James Grant, editor of Grant’s Interest Rate Observer, writing in 1996, “The stock market is not the kind of game in which one party loses what another party wins. It is the kind of game in which, over certain periods of time, nearly everyone may win, or nearly everyone may lose.”22 By the late ’90s, everyone involved in the stock market seemed to be winning. And the coming of the dot-com stocks only seemed to extend this winning streak.
