1. Already, the previous irrational exuberance has already led rather swiftly to irrational pessimism. 2. History offers more than a few examples of irrational exuberance followed by irrational pessimism. 3. Just as irrational exuberance can look like wisdom during a sustained stock boom, irrational pessimism can look like wisdom during a sustained stock slump. 4. So valuations that look very high by historical standards might represent not the rise of irrational exuberance but the decline of irrational pessimism. |
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