Simply put, bubbles are the result of a herd of people who collectively start paying more for something than its intrinsic value. They are, at their core, a very human creation--a stampede of investors who are following the scent of a compelling narrative. Gluts of capital combine with a fear of missing out. The result is mania. The rising price feeds on it self, and investors convince one another the world has changed--that high prices are here to stay.
Those participating are often intelligent--even aware of the madness. Yet conformity has a powerful pull. ....
In bubbles, the herd and its collective psychology prevail over the individual. Euphoria wins out over skepticism. Beanie Babies won't be just a fad. Housing prices will never fall again. Still more investors clamor to get in on the rising riches, pushing prices up further. 引自第97页
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