04 · Studies
Studies of manias and panics, and what each one teaches the patient owner.
A price detached from use is a rumor, and rumors end at once.
Dutch Republic · 1636–1637
A scheme can be legal, popular, and endorsed by the state, and still be a bubble.
England · 1720
Leverage turns an ordinary decline into a forced one, and forced selling has no floor.
United States · 1929
A wonderful company is not a wonderful investment at an unlimited price.
United States · 1968–1974
When two asset classes inflate each other through the same collateral, the correction arrives in both at once.
Japan · 1986–1991
A market can fall further and faster than any story requires, once selling begets selling by machine as well as by hand.
United States · October 1987
Being right about the technology and right about the price are two separate judgments.
United States · 1995–2002