“Irrational exuberance" was a phrase championed by former Federal Reserve Chairman Alan Greenspan to explain investor’s behaviour in the mid-to-late 1990s. Although it took a number of years for the bubble to burst, the phrase epitomises the tendency of investors to get most bullish just before a collapse. Quite often it’s wise not to follow the crowd, particularly if the fundamentals do not add up. Remember, when the herd is running towards the cliff, the one running in the opposite direction seems crazy.
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