In the mid-1990s, the Internet began to become popular in earnest.

In the mid-1990s, the Internet began to become popular in earnest.

At that time, people regarded the Internet as a blue ocean that came once every 100 years.

The stock price soared just by the name of dotcom, and companies that do not have an actual profit model attracted huge investments.

The Fed's monetary policy also played a role in the formation of the bubble.

When Greenspan cut interest rates after the stock market crash in 1987, money that could be lent at low interest rates was invested in other assets, and low interest rates from 1998 to 1999 contributed to the rise of startups.

Even when Russia defaulted on its debt in 1997, Greenspan promised to cut interest rates, and the Asian financial crisis erupted in 1998.

Plenty of liquidity encouraged investment without question.

From 1995 to March 2000, the Nasdaq Composite surged 400%.

But the rosy fantasy didn't last long.

On March 10, 2000, the Nasdaq peaked at 5,048 points.

Ten days later, on March 21, the Federal Reserve raised interest rates.

On Friday, April 14, the Nasdaq Composite plunged 25% for the week, falling 9%.

Investors began throwing stocks ahead of Tax Day and panicked as they watched the stock prices crumble.

In October 2002, the Nasdaq Composite fell 78% from its all-time high.

Five trillion dollars evaporated and many dot-com companies went bankrupt.

The aftermath of the bubble burst was devastating.

The Fed aggressively cut interest rates, lowering the key rate from 6.5% to 1.75% in 2001 alone.

In the fall of 2002, Greenspan cut interest rates by another 0.5 percentage point, lowering the interbank call rate to 1.25%.

But the economy did not pick up.

It took as many as 15 years for the Nasdaq to recover its high point.

During that time, the U.S. suffered from the 9/11 attacks, the Enron and Worldcom scandals, and the overall economy contracted.

Nevertheless, there were companies that survived.

Amazon and eBay have overcome the harsh bubble burst process.

Amazon's stock price fell 95% over the course of two years, but it managed to make a comeback in 2002 due to its aggressive low-cost policy.

It took off once again with the release of Kindle in 2007.

Amazon's market capitalization increased 140% from the bubble era 10 years later.

eBay also endured a painful time.

Yahoo and eBay's market capitalization did not recover its glory back in 2000, but it was meaningful that it survived.

Google, which was not listed at the time of the bubble, has been on a roll since its IPO in 2004, dominating the market with search advertisements.

What the surviving companies had in common was clear.

It had a healthy business plan and a clearly defined market niche.

It has actively explored various new businesses by breaking away from pure Internet companies and has a model that can generate actual profits.

The dot-com bubble was a disaster, but not entirely meaningless.

Intel's Andy Grove said at the time that the bubble had laid fiber-optic infrastructure that would have taken decades.

The ideas of failed companies survived and later blossomed into Facebook, YouTube, and Netflix.

It was a sin to go too far ahead of the times, but the vision itself was not wrong.

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