The Wrong Lesson January 4, 2005 Dear Investor: It wasn’t long ago that the world suffered the greatest market collapse since the Great Depression. Though we are far from the index highs that marked the last peak, markets have rebounded to a point where people seem to trust them again—perhaps a little too much. It’s remarkable that the new issues market is booming again, and that gamblers, salivating for the next IPO, are once again calling the...