With no NASDAQ bubble, the Australian equity market has continued to increase steadily throughout the period, and is currently still close to its peak, contrasting to, say, the Wilshire which is nearly 30 per cent below.
Australia has no stories of 14-year-old boy-millionaires who ramped their chosen shares via a chat-room canard: nor, more substantively, of entrepreneurs with backwards-facing baseball caps attracting serious funding on the promise of a rapid "cash-burn". So we didn't get the same degree of distorted investment decisions and ephemeral wealth-driven consumption.