Spotting Market Bubbles: Why History Says It’s Nearly Impossible
If you knew you were standing inside a stock market bubble, you wouldn't be standing in it for long. You'd sell. So would I, and so would everyone reading this. And if spotting market bubbles was something everyone could do in real time, the bubble couldn't form in the first place. That paradox is why spotting market bubbles is one of the hardest jobs in finance, and why bubbles look painfully obvious only after the fact. Market bubbles are not a modern invention. They've been a recurring feature of financial life for almost 400 years, ever since the first organized stock exchange opened in…
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