To me a bubble reflects a market disconnect from fundamentals - wherein prices go up steeply, with no help from the fundamentals (expected growth in base year cash flows and risk).
Indeed there is a subtle difference between a bubble and speculation of what could come of a technology. But the two are connected because the effects of technology are reflected by investors in asset prices.
To me a bubble reflects a market disconnect from fundamentals - wherein prices go up steeply, with no help from the fundamentals (expected growth in base year cash flows and risk).
Indeed there is a subtle difference between a bubble and speculation of what could come of a technology. But the two are connected because the effects of technology are reflected by investors in asset prices.