From a 3/11/2003 article on SFGATE on the anniversary of NASDAQ's all time high,

"The past three years have seen the Nasdaq lose more than 70 percent of its value and more than $4 trillion in investor wealth, closing Monday at 1,278.37."

Where did all this money go? Granted it was all paper wealth, but what about people whose retirement plans were invested in this $4 trillion that has now disappeared? And what about companies who invest some of their capital in the stock market?