Share prices have had a good run in the past few months. The FTSE 100 index has risen from around 4,300 half a year ago to break through the 5,000 barrier in trading on February 9th. That's the highest equities have been since mid-2002. Unfortunately for investors, share prices will have to climb a lot higher before the FTSE 100 returns to its all-time peak of 6,930. The last time the stockmarket reached that level was at the end of 1999. The bursting of the high-tech bubble is the main reason why the stockmarket has done so badly in the past five years. The IT, telecoms and electronics sectors have done spectacularly badly since early 2000, point out economists at the London Business School (LBS) in their yearly analysis of long-run global investment returns for ABN Amro, a bank.
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