The more things change, the more people stay the same. Market bubbles are not a recent phenomenon, nor are they uncommon.
One of the most impressive market bubbles occured in Holland in the 1630s (Sobel- The Big Board: A History of the New York Stock Market). What Makes that bubble so amusing is that the highly sought- after commodity was the tulip bulb. Over a five-year period, tulip bulb mania inflated bulb prices to the point where one bulb was worth 10 times a yoke of oxen. A tulip bulb costing nearly $100.000! Then an out of town sailor inadvertently popped the tulip bulb price bubble. Mistaking the bulb for an onion, he ate it. Wondering whether the bulbs were worth the high prices, panic erupted; within a week, the bulbs were almost wortless.
(from The Psychology of Investing- John R. Nofsinger)
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