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Despite Stock Market Exuberance, a Tempered Reaction

8 January 2014

The New York Times, January 8, 2014 by Jesse Eisinger

What a spectacular year was 2013.

Markets boomed. Stocks hit a record, with the Standard & Poor’s 500-stock index up almost 30 percent, the best performance in almost 16 years. Capital-raising is back, baby, with initial public offerings, like the one for Twitter, giving us that sweet 1990s feeling all over again. Investment bankshad a great year.

In previous eras, all of this might have been enthusiastically celebrated. Street vendors would break out Dow 16,000 hats. The chief executive of Snapchat would be named Time magazine’s man of the year, children’s division. The media would serve up adulatory profiles of successful investors, glorious winners, implying they had achieved something close to heroic.

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