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Ad stocks mirrored the market, and each other, through 1992. In 1994, agency stocks—especially Omnicom and WPP—began to outperform the overall market. Ad shares, like the market, soared in 1998 and early 1999, when the dot-com frenzy reached its peak. Stock prices fell by half or more by early 2000 as the boom fizzled.
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