If you look at the commodity and commodity stock ETFs, they are actually down more from the summer peak than the nasdaq fell from the March 2000 peak to the summer trough. Look at these figures: Nasdaq Composite performance: March 2000 to May 2000: -41% (3 months) July 2000 to April 2001: - 62% (9 months) Now check the commodity performance from Jul 08 to Nov/Dec 08 (4-5 months). I have taken the highs to the lows (not today's closing prices). RJI Commodity ETF: -57% GSG Commodity ETF: -61% OIH Oil Service ETF: -71% XLE Energy ETF: -66% XME Metals & Mining ETF: -82% MOO Agribusiness ETF: -70% GDX Gold Miners ETF: -70% So commodities themselves fell about 60% in 5 months - that is a decline almost equal to the 62% nasdaq fall from July 2000 to April 2001. Indeed, the commodity fall took place in almost half the time. Commodity producers' stocks fell even more, about 72% on average in 5 months. By comparison, the Nasdaq fell 73% from the March 2000 high to the Post September 11th 2001 lows, an 18 month period. In other words, commodity stocks fell as much in the last 4-5 months as the nasdaq did in 1 1/2 years, and the latter began with the very top of arguably the biggest stock market bubble in human history, and ended (more or less) in the aftermath of the worst attack on US soil since Pearl Harbor. Yet the commodity stocks did it 14 months quicker!. Thus if we compare the magnitude of the declines, commodities have fallen just as far, but about 3-4 times faster, than one of the biggest bubbles ever. Could we therefore consider the commodity stock runup to have been one of the biggest bubbles ever, even bigger than the tech bubble? The main difference, and why I did not think it was a huge bubble, was the lack of retail participation. You didn't see taxi drivers, grandmothers, and newspaper boys speculating on margin and becoming millionaires from commodities. A second factor is that you never saw BS commodity companies at absurd valuations - there were no "holes in the ground" bubble stocks selling at 300 times revenues. Other main differences seem to be that the fundamentals got crushed this time, and valuations were simply "not cheap", rather than at bubble levels. With tech, it was also valuations that caused the crash - the multiple contraction caused at least as much trouble as faltering earnings. However, there is no denying the facts - whatever you call the runup, the subsequent fall was nothing short of a historic crash. It is one of the biggest collapses of a major sector and asset class that has ever been seen.