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Byline: DAVID SAITO-CHUNG
The year 2001 said goodbye to Cisco System's 11-year track record of hypergrowth as a public company.
To Pets.com, Internet software firm NetObjects and Internet service provider Exodus Communications, rest in peace.
And last, but not least, sayonara to one of the worst bear markets in U.S. history since the Great Depression. At least that's what the market has said so far.
The major averages finished with subzero returns for the second straight year, reminding us of what happened back in 1973-74. After losing 39%, 10% and 6% in 2000, the Nasdaq composite, S&P 500 and Dow finished 2001 down 21%, 13% and 7%, respectively.
The Nasdaq's milder year-to-date loss in 2001, however, masked a sell-off that modeled itself after an Olympic downhill ski course. It was fast and steep.
Fiber-optic, Internet and chip-related stocks dwelled in the market cellar for months. Former superstars, including Yahoo, Ariba, CMGI, QLogic and Nortel Networks sank 80% to 99% below their highs. Those who opted not to cut losses, and instead stubbornly held on, now must cheer their stocks on to double in price or more just to get even.