The history of markets is filled with examples of bubbles, creating great wealth on the way up and subsequently destroying much wealth on the way back down. Some date back centuries like the Mississippi Company, tulip mania, South Sea trading or the railway bubbles. Some are more recent such as the nifty 50, dotcom, housing in the early years of this century or marijuana in the 2010s. In each instance, there was always a solid foundational case supporting the bubble because the world was changing in one way or another. Yet also in each instance, markets became over enthusiastic and went too far, inevitably resulting in the popping of the bubble.

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