Stock investors celebrating the Dow Jones Industrial Average knocking on 29,000’s door should remember what happened exactly 20 years ago.

On Jan. 14, 2000, the Dow DJIA, +0.29%  hit its bull-market high prior to the bursting of the internet bubble. And, yet, you’d have never known it by reading what the newsletter editors then were saying.

In fact, after reading through my newsletter archives from January 2000, I was struck by the similarities between now and then. For example, one newsletter editor in mid-January 2000 said he was encouraged that the Fed was signaling that it wouldn’t be raising rates as aggressively as previously thought. Another said “inflation is dead.” A third celebrated the strength of the economy as evidenced by robust consumer spending in

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