Every action has an equal and opposite reaction.
Newton's Third Law of Motion now has a stock market corollary. Investors continued to party during the first quarter of 2000 like it was 1999. Conditions deteriorated during the remainder of the year and beyond. Conveniently, no two quarters stand as starker illustrations of The Prince and Pauper performance dichotomy than the first quarters of 2000 and 2001. Whereas, the IPO market hit its zenith toward the end of the first quarter of 2000, the new issues market is now slouching at a nadir.