The dot.coms never represented a huge share of the market value. My mutual funds saw huge increases without any significant investment in dot.coms. The market bubble had an impact on the overall economy, but this was not due primarily to dot.coms. It was due to the fact that real businesses were increasing real profits do to the productivity investments made in an environment of low interest and low inflation.
A caveat is that the boom was also related to a lot of spending on computers and the dot.com/internet craze did impact that. However, real efficiencies and productivity increases resulted from using intranets and the internet to conduct traditional business. This part of the 90's boom is probably gone for good since use of this kind of technology is close to saturation level.
Regards,
Mark
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Do Some Analysis Tom
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