Meanwhile, as if the bear market did not even exist, Expeditors
International’s shares went on to gain 22.9% in 2000, 6.5% in 2001,
and another 15.1% in 2002—finishing that year nearly 51% higher
than their price at the end of 1999.
Exodus’s stock lost 55% in 2000 and 99.8% in 2001. On Septem-
ber 26, 2001, Exodus filed for Chapter 11 bankruptcy protection.
Most of the company’s assets were bought by Cable & Wireless, the
British telecommunications giant. Instead of delivering its sharehold-
ers to the promised land, Exodus left them exiled in the wilderness. As
of early 2003, the last trade in Exodus’s stock was at one penny a
share.
346 Commentary on Chapter 13