History is replete with such self - reinforcing trends
divorced from valuations: the tulip craze in 1630s Holland, the South Sea Bubble of 1720, railway manias of the mid-1800s, the roaring bull market of the 1920s, Nifty
Fifty stocks in the 1960s, Japan's asset price bubble of the 1980s, and the
late 1990s tech bubble, to name just a few.