Before the **2000 dot-com crash**, the **S&P 500** jumped **12%**, returning to previous highs. Investors who bet heavily on the internet’s future were right in the long term, but lost **50%** of their capital over the next **two years**.

Three separate **20%** bear-market rallies kept bulls in the market until they went bankrupt. The bottom came in **2002**, after all participants had been wiped out, and it took about **14 years** to return to breakeven.

**[@futures](https://t.me/futures)