Dow 36,000 will come sooner than conventional economists think, with investors eventually realizing that stocks are a bargain, because people mistakenly think they are risky. Glassman argues that, over the long run, a diverse portfolio of stocks is as safe as a government-guaranteed bond. Like salvation, not everyone will experience the miracle. If you don't invest soon, once the Dow hits 36,000, you will be out of luck, Glassman says, because the market will have reached its natural level, and then will offer no better payoff than other investments. That means every nine years it will double.
People respond well to such prognostications during a bubble.
Their book might have got very little attention if they had written it in 1980. Glassman maintains there is no bubble - even in Internet stocks. Anyway, he also reminds his critics, his book never urged people to jump into the Nasdaq, where the declines have been the sharpest. He recommended broad portfolios, with technology stocks only a small part. The book does mention a few Internet stocks.