"I've been looking for a blow-off in equities for over three years now - followed by the worst crash since 1929," Mark Spitznagel, the founder and chief investor of Universa Investments, told Business Insider in a recent email.
On March 10, 2000, the Nasdaq-100 traded at 5,048.62. On October 9, 2002, it had dropped to 1,114, down 78% from its peak. If a decline occurs anywhere near that level, it will be due to several factors combined. The most likely outcome is a huge disappointment in the future of artificial intelligence (AI). Another would be raging inflation caused by tariffs. (This leaves a major war out of the equation.) A drop of the same magnitude would take the Nasdaq down over 19,000 points.
