In 1999, when the Dow was around 11,000, James Glassman wrote a book with Kevin Hassett that became perhaps the most spectacularly wrong investing book ever: Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market.

The Glassman thesis was that investors had somehow misunderstood how truly risk-free investing in stocks was, and that they would within a few years come to this realisation. This in turn, they theorised, would soon drive the Dow to more than three times its then-current levels...

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