However, it's too early to worry, for a new normal will emerge when the markets mature to strike a balance between irrational exuberance
and a more grounded, common sense approach.
Unfortunately, even professional investors sometimes accept artificial valuations as the new truth and get swept away by Irrational Exuberance
, when what they should be doing is analyzing whether these valuations are based on real economic considerations or other interests that they should be discouraging.
Billionaire investor Sam Zell said on CNBCs "Squawk Box" Tuesday morning, "I think the current situation seems like irrational exuberance
Summary: Bitcoin rally is driven by irrational exuberance
The first is a natural tendency towards occasional bouts of irrational exuberance
for instance in response to promising scientific discoveries or technological advances that lead investors to radically upgrade their future income expectations.
He is the author of Irrational Exuberance
, the third edition of which was published in January 2015, and, most recently, Phishing for Phools: The Economics of Manipulation and Deception, co-authored with George Akerlof.
led to a large increase in investment in housing and in drilling for oil and gas.
It's more important, just as it was during the crash to $30 a barrel five years ago, to recognise the slump is irrational exuberance
and prices will recover"
However we would strongly caution both analysts and investors against any irrational exuberance
in what continues to be a difficult economic environment, with some company-specific challenges in H2," he added.
I wouldn't call it irrational exuberance
but clearly everybody in Asia is ordering aircraft more than they really need," Grabowski told Reuters in an interview.
But economists typically see shorters' role as essential in financial markets because they introduce often-needed skepticism about a stock's price--that is, they counteract irrational exuberance
If at 7,400 (the peak of the last bull run) there was irrational exuberance
, yesterday was just plain irrational," said Joseph Roxas, president of local stock brokerage Eagle Equities Inc.