This market frenzy occurs every 25 years. The aftermath is rarely pretty

Traders work on the floor at the New York Stock Exchange Sept. 4.

The U.S. stock market is roaring higher. That is to be expected. It does this every 25 years or so.

Unfortunately, the aftermaths of these euphoric periods aren’t usually pretty. Investors who don’t want to be blindsided may want to ponder a few unfortunate moments in Wall Street history.

Start with the last bubble: Just over 25 years ago, in the mid-to-late 1990s, euphoria over the potential of the brand-new internet drove tech stocks such as Intel Corp., Cisco Systems Inc. and Nortel Networks Corp. to absurd peaks. That was followed by a painful multiyear crash. The tech-heavy Nasdaq Composite Index lost three-quarters of its value from 2000 to 2002. It didn’t claw its way back to its dot-com high until 2015.

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